AB 150 CA

Technical topics regarding tax preparation.
#1
Karolin  
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Client is a partner in a MMLLC taxed as a partnership. The MMLLC owns a SMLLC that sold a rental property.
So the Disregarded LLCs activity will be reported on the MMLLC's return. (Tiered LLCs)

Can AB 150 be elected on the MMLLC return, even though the Rental was under the SMLLC and received the income from the sale?
 

#2
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MMLLC can elect AB 150 PTE with a SMLLC owner, but SMLLC is not a qualified taxpayer therefore may not elect to have PTE tax paid on its behalf.
 

#3
DavidG  
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The Governor's budget proposal allows SMLLCs to claim the credit.
 

#4
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The Governor's budget proposal allows SMLLCs to claim the credit.


Thats debatable. See viewtopic.php?f=8&t=23962
 


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