The Protestants have failed to meet their burden of proof that the Division's disallowance of the Deduction for the 2006 Tax Year attributable to "Intangible Personal Property" in the form of "Wind Leases" was incorrect and in what respects.
Corporation and its "Amended" State of Oklahoma Small Business Corporation Income Tax Return (Form 512-S) for the 2006 Tax Year.
However, the appellate case may turn on the issue of whether "XXXXX" constitutes real or tangible person property under the Deduction in effect for the 2006 Tax Year.
As Reported for the Tax Year Participation Per Tax year Tax Year 2004 Tax year 2005 Tax Year 2006 Tax Year 2007 Tax Year 2008 Average Tax Credit Rec'd by Owner $1,407.26 $1,166.39 $2,557.63 $3,073.22 $5,504.67 Average Rent Paid by Beg.
As a result, CORPORATION should be entitled to a credit against the Illinois Income Tax for its taxable year with which or within with[sic] the 2006 Tax Year ends,2 in the amount of the Credits allocated to Production Company.