InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Gawd...Not Again!! 3.3% Tax Questions Posted by Jim on November 28, 2003 at 1:06 PM Hello Ward, Okay, so I've read the previous posts on this tawdry subject and I've visited the FTB site and pulled up Form 593-W & Pub 1016, which lay out the non-individual requirements and procedures to file for an exemption...and I still have questions. There are two requirements that must be met to qualify for an exemption as an LLC: "We do not require withholding if the recorded title to that property being transferred is in the name of an LLC that: - Is classified as a partnership for federal and California income tax purposes; and - Is not a single member LLC that is disregarded for federal and California income tax purposes." Question #1: If I currently have a single member LLC, I could defeat the first requirement by adding an additional member reporting on a different tax return, correct? By extension, wouldn't this also defeat requirement 2? Question #2: What does the phrase mean: 'disregarded for federal and California income tax purposes'? As always, thanks for your sage advice. Jim Follow Ups: Re: Gawd...Not Again!! 3.3% Tax Questions jom 12:13 AM, 11/29/03 (2) Re: Gawd...Not Again!! 3.3% Tax Questions Jim 3:36 PM, 11/29/03 (1) Re: Gawd...Not Again!! 3.3% Tax Questions jom-CA 6:09 PM, 11/29/03 (0) Glad you said it...Not Again!! (nt) Ward-CA- 8:53 PM, 11/28/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello Ward, : Okay, so I've read the previous posts on this tawdry subject and I've visited the FTB site and pulled up Form 593-W & Pub 1016, which lay out the non-individual requirements and procedures to file for an exemption...and I still have questions. : There are two requirements that must be met to qualify for an exemption as an LLC: : "We do not require withholding if the recorded title to that property being transferred is in the name of an LLC that: : - Is classified as a partnership for federal and California income tax purposes; and : - Is not a single member LLC that is disregarded for federal and California income tax purposes." : Question #1: If I currently have a single member LLC, I could defeat the first requirement by adding an additional member reporting on a different tax return, correct? By extension, wouldn't this also defeat requirement 2? : Question #2: What does the phrase mean: 'disregarded for federal and California income tax purposes'? : As always, thanks for your sage advice. : Jim Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455