The Portfolio offers practical guidance from practitioners for early career tax professionals or others, who are less familiar with state corporate income taxation. It

provides a comprehensive guide to understanding how state corporate income taxes are imposed, calculated and filed.

There is guidance on jurisdictional issues particular to corporate income taxation:  computation of the corporate income tax base, along with apportionment, credits,and filing methodologies. 

The portfolio also describes foundational state corporate income tax concepts such as the difference between combined reporting and consolidated returns and offers a plain language discussion on unitary business principles, along with apportionable income versus allocable income. 

In addition, there is a comparison of Water’s Edge and Worldwide Combined Reporting.