Page 26 - Texas Sales & Franchise Tax Handook

Calculation of the Tax (3/7)

Total Revenue

Total revenue is determined from

revenue amounts reported for
federal income tax minus

statutory exclusions.
T E

Exclusions from revenue include

$ X the following:

• dividends and interest from

S A federal obligations;
• Schedule C dividends;

• foreign royalties and dividends
under Internal Revenue Code

Section 78 and Sections 951-964;

• certain flow-through funds; and

• other industry-specific
exclusions.