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290.04 LIABILITY FOR TAX.
    Subdivision 1. Accrual. The liability for the tax imposed by section 290.02 shall arise
upon the first day of the taxable year upon which a domestic corporation exercises any of the
privileges specified in section 290.02 or exists as a corporation, or on which a foreign corporation
is possessed of the privilege for the grant to it of the privilege of transacting or for the actual
transaction by it of any local business within this state during any part of its taxable year, in
corporate or organized form. The liability for the tax imposed by section 290.03 shall arise
concurrently with the receipt or accrual of income during the taxable year. The provisions shall
in no way affect the determination of the amount of such taxes, the time for making returns,
and the time for paying such taxes.
    Subd. 2. Fiduciary relationship not to affect. The liability of any taxpayer shall remain
unaffected by the fact that such taxpayer, or the title, possession, custody, or control of the
taxpayer's business or property, is in the care of a guardian, trustee, receiver, conservator, or any
other person acting in any fiduciary capacity for such taxpayer or in reference to the taxpayer's
business or property, unless the taxes imposed by this chapter are specifically imposed by this
chapter upon any such guardian, trustee, receiver, conservator, or fiduciary.
History: (2394-4) 1933 c 405 s 4; Ex1937 c 49 s 4; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes