A company owes $433,000 in income tax to Minnesota on a nonresident’s gain from the sale of her 80% stock ownership interest, the state tax court ruled.
Cities Management Inc. asked the court to consider Kim Carlson’s gain from selling her stock in the company as non-business income. Minnesota Tax Court Chief Judge Jane N. Bowman adopted the state’s argument instead, ruling that the gain should be considered income of a unitary business and apportioned to Minnesota.
Carlson sold her interest in Cities, which managed community associations in Minnesota and Wisconsin, to PMG Holdings in 2015. The ...
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