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Illinois Department of Revenue Releases Rulings Addressing Corporate Income Tax Issues

The Illinois Department of Revenue recently has released several private letter rulings (PLRs) and general information letters (GILs) which provide taxpayers with guidance on a variety of corporate income tax issues.1 In the area of apportionment, the Department’s rulings address the sourcing of transitory tangible personal property and software, as well as alternative apportionment. Other rulings cover the use of single combined returns when federal short-period returns are required, the state’s conformity with Internal Revenue Code (IRC) Section 338(h)(10), the treatment of disregarded entities, the net operating loss (NOL) limitation as applied to short taxable years, and the investment tax credit.

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