Section 45IAC3.1-1-8. Definition of adjusted gross income for corporations

   "Adjusted Gross Income" for Corporations Defined. "Adjusted Gross Income" with respect to corporate taxpayers is "taxable income" as defined in Internal Revenue Code─section 63 with three adjustments:

  (1) Subtract income exempt from tax under the Constitution and Statutes of the United States. [See Regulation 6-3-1-3.5(a)(050)(a) [45 IAC 3.1-1-5(a)].]

  (2) Add back deductions taken pursuant to Interanl [sic.] Revenue Code-section 170 (Charitable contributions);

  (3) Add back deductions taken pursuant to Internal Revenue Code-section 63 for:

(a) Taxes based on or measured by income and levied at the state level. For purposes of this subsection, the Indiana Gross Income Tax is a state tax measured by income and must be added back (see Miles v. Department of Treasury, 209 Ind. 172 (1935));

(b) Property taxes levied by a political subdivision of any state; and

(c) Indiana motor vehicle excise taxes, except for that portion of the tax not considered an ad valorem tax.

(Department of State Revenue; Reg 6-3-1-3.5(b)(010); filed Oct 15, 1979, 11:15 am: 2 IR 1517; errata, 2 IR 1743)