59-7-308. Allocation of capital gains and losses.
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59-7-308. Allocation of capital gains and losses.
To the extent that the following constitute nonbusiness income:
(1)capital gains and losses from sales of real property located in this state are allocable to this state;
(2)capital gains and losses from sales of tangible personal property are allocable to this state if:
(a)the property had a situs in this state at the time of the sale; or
(b)the taxpayer's commercial domicile is in this state and the taxpayer is not taxable in the state in which the property had a situs; and
(3)capital gains and losses from sales of intangible personal property are allocable to this state if the taxpayer's commercial domicile is in this state.
Amended by Chapter 83 , 1994 General Session