Michigan Administrative Code (Last Updated: November 16, 2016) |
Department TY. Treasury |
Customer Service Bureau |
Chapter Income Tax |
Section 206.1. Business income" defined.
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"Business income" means that income which is derived during the regular course of a taxpayer's trade or business. The expenses incurred in deriving the income are allowed as a deduction from gross income in determining the taxpayer's adjusted gross income.
History: 1979 AC.