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Corporate Tax Base 4. Are farms exempt under the CIT? Are agricultural activities taxed under the CIT? What about a taxpayer that has both retail and farm activities?

No, farms are not exempt under the CIT. Furthermore, the tax base attributable to the production of agricultural goods by a person whose primary activity is the production of agricultural goods is similarly not exempt. However, taxpayers under the CIT are limited to C corporations, insurance companies, financial institutions, and unitary business groups.