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| U38. For purposes of the private equity fund credit under MCL 208.1453, if a private equity fund manager is an entity that is a member of a unitary business group, does the calculated credit percentage apply to the tax liability of the
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The credit is based on the tax liability of the private equity fund. If the unitary business group is comprised of members other than private equity funds, a pro forma may be used to calculate the tax liability of the private equity fund for purposes of determining the amount of the credit. The resulting credit is applied to the tax liability of the unitary business group.
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