15-31-203. Small business option unavailable on dissolution -- exception. In the case of corporation dissolution, no benefits may be taken under the "small business act" or under any law or regulation shifting the tax to be paid from the corporation to the shareholders unless all shareholders agree to assume personal income tax liability the same as they would bear if they were residents of this state.

     History: En. Sec. 2, Ch. 60, L. 1963; R.C.M. 1947, 84-1501.3.