What? Phantom Income on Your K-1 Might Not Be Taxable Under State Law?
TUFTS ON TAX22 Mai 2023

What? Phantom Income on Your K-1 Might Not Be Taxable Under State Law?

https://www.privatecorporatecounsel.com stufts@pcc.law CALL 1-800-647-7887 Attorney T. Scott Tufts (Board Certified Tax Lawyer with Florida Bar) will discuss how a recent state court case (Joseph C v NJ DOR) discusses “phantom income” on the final K-1 form issued to a member of an LLC, restoring a negative capital account with no DRO, and how even if it was taxable at the Federal level, it might not be taxable under the laws of the particular state (in this case, New Jersey). PCC AND TUFTS ON TAX ARE NOT LIABLE FOR THE USE OF THIS INFORMATION BY ANY LISTENER WHO DOES NOT FIRST CONTACT AND SEEKS ADVICE FROM AN APPROPRIATE LEGAL PROFESSIONAL IN THEIR STATE, COUNTY, OR CITY. NOR IS THE FIRM, WEBSITE, PODCAST, OR ANY AFFILIATES LIABLE FOR ANY DAMAGES, INCIDENTAL, CONSEQUENTIAL, DIRECT, OR INDIRECT, THAT MAY ARISE FROM THE IMPROPER USE OF THE INFORMATION, OPINIONS, AND RECOMMENDATIONS PRESENTED WITHIN THIS PODCAST.

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Episoder(85)

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