acquired a taxable situs in such other state), the state of residence
on whether that property has or has not acquired a taxable situs
The DOR also noted, "[t]he rule that the taxable situs
of intangibles is at the technical domicile of the owner is but a mere fiction, and will not be followed when the fact is clear that the intangible property has a situs elsewhere" (Wheeling Steel Corp.
In general, a taxpayer (which includes individuals, corporations, partnerships, limited liability companies, estates and trusts) was subject to the tax if the taxpayer had a taxable situs in Florida.
For trusts, unlike other entities, the determination of whether a trust had a taxable situs in Florida was based upon whether 1) the trustee had a Florida situs,(4) or 2) the trust had a Florida resident who had a taxable beneficial interest.(5)
One plausible theory for challenging Valdez's power to claim for itself values attributable to a portion of the days that the vessels are on the high seas is that tangible personal property without a taxable situs based on physical presence is not taxable anywhere.
Indeed, the Court's precedents squarely support the view that the domiciliary state retains power to tax tangible personal property that does not have a taxable situs elsewhere based on physical presence.
(119) Accordingly, as a matter of due process, the stronger constitutional theory for challenging the port-day and similar apportionment formulas is that tangible personal property without a taxable situs based on source is taxable only on the basis of residence, not that it is taxable nowhere.
[sections] 199.175(1) expressly states that the taxable situs
of intangibles "owned, managed, or controlled" by a Florida domiciliary is in Florida.
The State of Florida imposes an annual tax of 2 mills (i.e., two-tenths of a percent) on the value of all intangible personal property which has a taxable situs in Florida.
[sections] 199.032, an annual tax of 2 mills is imposed "on each dollar of the just valuation of all intangible personal property which has a taxable situs in this state .
In order for intangible personal property to be taxed, it must have a "taxable situs" within the State of Florida.