Ohio Club with Kentucky and Arizona members
What tax requirements are there for this topic. Thank you.
Our Ohio club has had several kentucky members. There was no added requirements. We also have a Nevada member which doesn't change anything. My guess is Arizona won't change anything. But it's just a guess.
On February 27, 2021, at 10:10 AM, "Martin J Eckerle via bivio.com" <user*12801300001@bivio.com> wrote:
What tax requirements are there for this topic. Thank you.
Marty,
Neither AZ nor KY require a return if the club is based outside of those two states.
Ira Smilovitz, EA
What tax requirements are there for this topic. Thank you.
Thank You, Ira. That is a welcome relief.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of ira smilovitz via bivio.com
Sent: Saturday, February 27, 2021 11:30 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Ohio Club with Kentucky and Arizona members
Marty,
Neither AZ nor KY require a return if the club is based outside of those two states.
Ira Smilovitz, EA
On Sat, Feb 27, 2021 at 10:10 AM Martin J Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
What tax requirements are there for this topic. Thank you.
As long as your partnership does not conduct commercial activities in AZ,
there is no requirement for the partnership to file a non-resident
partnership return. Your AZ-based partner will include his income or loss
from his federal K-1 on his 1040 so it will be included in the starting
amount for his AZ individual return.
One adjustment the AZ-based partner could make on his AZ individual return
occurs if all or a portion of the partnership's long-term capital gain comes
from assets acquired after 31 December 2011. If the partnership has such
gains, you should let him know what proportion of his distribution for
long-term capital gains comes from these assets so he can make the
adjustment (to his benefit) on the AZ form 140.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Martin J
Eckerle via bivio.com
Sent: Saturday, 27 February, 2021 08:10
To: club_cafe@bivio.com
Subject: [club_cafe] Ohio Club with Kentucky and Arizona members
What tax requirements are there for this topic. Thank you.
there is no requirement for the partnership to file a non-resident
partnership return. Your AZ-based partner will include his income or loss
from his federal K-1 on his 1040 so it will be included in the starting
amount for his AZ individual return.
One adjustment the AZ-based partner could make on his AZ individual return
occurs if all or a portion of the partnership's long-term capital gain comes
from assets acquired after 31 December 2011. If the partnership has such
gains, you should let him know what proportion of his distribution for
long-term capital gains comes from these assets so he can make the
adjustment (to his benefit) on the AZ form 140.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Martin J
Eckerle via bivio.com
Sent: Saturday, 27 February, 2021 08:10
To: club_cafe@bivio.com
Subject: [club_cafe] Ohio Club with Kentucky and Arizona members
What tax requirements are there for this topic. Thank you.
Thanks Jack. I will let the AZ member know of your info.
-----Original Message-----
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Jack Ranby via
bivio.com
Sent: Saturday, February 27, 2021 12:37 PM
To: club_cafe@bivio.com
Subject: RE: [club_cafe] Ohio Club with Kentucky and Arizona members
As long as your partnership does not conduct commercial activities in AZ,
there is no requirement for the partnership to file a non-resident
partnership return. Your AZ-based partner will include his income or loss
from his federal K-1 on his 1040 so it will be included in the starting
amount for his AZ individual return.
One adjustment the AZ-based partner could make on his AZ individual return
occurs if all or a portion of the partnership's long-term capital gain comes
from assets acquired after 31 December 2011. If the partnership has such
gains, you should let him know what proportion of his distribution for
long-term capital gains comes from these assets so he can make the
adjustment (to his benefit) on the AZ form 140.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Martin J
Eckerle via bivio.com
Sent: Saturday, 27 February, 2021 08:10
To: club_cafe@bivio.com
Subject: [club_cafe] Ohio Club with Kentucky and Arizona members
What tax requirements are there for this topic. Thank you.
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-----Original Message-----
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Jack Ranby via
bivio.com
Sent: Saturday, February 27, 2021 12:37 PM
To: club_cafe@bivio.com
Subject: RE: [club_cafe] Ohio Club with Kentucky and Arizona members
As long as your partnership does not conduct commercial activities in AZ,
there is no requirement for the partnership to file a non-resident
partnership return. Your AZ-based partner will include his income or loss
from his federal K-1 on his 1040 so it will be included in the starting
amount for his AZ individual return.
One adjustment the AZ-based partner could make on his AZ individual return
occurs if all or a portion of the partnership's long-term capital gain comes
from assets acquired after 31 December 2011. If the partnership has such
gains, you should let him know what proportion of his distribution for
long-term capital gains comes from these assets so he can make the
adjustment (to his benefit) on the AZ form 140.
-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Martin J
Eckerle via bivio.com
Sent: Saturday, 27 February, 2021 08:10
To: club_cafe@bivio.com
Subject: [club_cafe] Ohio Club with Kentucky and Arizona members
What tax requirements are there for this topic. Thank you.
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