Calif. Tax Regulator Gives Guidance On LLC Income

Law360, New York (March 21, 2014, 9:04 PM EDT) -- California's tax regulator Thursday clarified that income earned from managing a private equity fund is subject to state taxes if it's received from an in-state limited liability company, and added that this type of income doesn't qualify for preferential tax treatment carved out for certain management services.

In a private letter ruling made available on Thursday, the California Franchise Tax Board said that for state tax purposes LLCs that are set up to manage funds do not qualify as investment partnerships, an arrangement where nonresidents, under certain circumstances,...
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