15-31-302. Definitions. (1) "Apportionable income" means:

(a) all income that is apportionable under the constitution of the United States and is not allocated under the laws of this state, including:

(i) income arising from transactions and activity in the regular course of the taxpayer's trade or business; and

(ii) income arising from tangible and intangible property if the acquisition, management, employment, development, or disposition of the property is or was related to the operation of the taxpayer's trade or business; and

(b) any income that would be allocable to this state under the constitution of the United States but that is apportioned rather than allocated pursuant to the laws of this state.

(2) "Commercial domicile" means the principal place from which the trade or business of the taxpayer is directed or managed.

(3) "Compensation" means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services.

(4) "Nonapportionable income" means all income other than apportionable income.

(5) "Receipts" means all gross receipts of the taxpayer not allocated under 15-31-304.

(6) "State" means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof.