Definitions
Sec. 2. For purposes of computing receipts or the receipts factor
under this article the following apply:
(1) "Receipts" means gross income (as defined in
IC 6-5.5-1-10), plus the gross income excluded under Section
103 of the Internal Revenue Code, less gross income derived
from sources outside the United States. However, upon the
disposition of assets such as securities and money market
transactions, when derived from transactions and activities in
the regular course of the taxpayer's trade or business, receipts
are limited to the gain (as defined in Section 1001 of the
Internal Revenue Code) that is recognized upon the disposition.
(2) "Money market instruments" means federal funds sold and
securities purchased under agreements to resell, commercial
paper, banker's acceptances, and purchased certificates of
deposit and similar instruments.
(3) "Securities" means United States Treasury securities,
obligations of United States government agencies and
corporations, obligations of state and political subdivisions,
corporate stock and other securities, participations in securities
backed by mortgages held by United States or state government
agencies, loan backed securities and similar investments.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.29; P.L.68-1991, SEC.12.
Last modified: May 28, 2006