Section 45IAC3.1-1-20. Definition of corporation

   "Corporation" Defined. The term "corporation" is used in the Act in a general sense and includes any form of businesss [sic.] association whose characteristics more nearly resemble those of a corporation than those of a trust or partnership, including corporations, partnerships with corporate members, associations, joint stock companies, real estate investment trusts, not-for-profit associations, business trusts and Massachusetts trusts. Proprietorships or partnerships formerly taxable under Internal Revenue Code § 1361 are now taxed as individuals. Internal Revenue Code § 1361 was repealed in 1969; thus proprietorships and partnerships taxable under this subsection are no longer included within the definition of "corporation."

  Any receiver, trustee, conservator, liquidator, or other fiduciary controlling any of the above is also a "corporation" under the Act. (Department of State Revenue; Reg 6-3-1-10(010); filed Oct 15, 1979, 11:15 am: 2 IR 1520; errata, 2 IR 1743)