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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Glad you said it...Not Again!! (nt) Posted by Ward-CA- on November 28, 2003 at 8:53 PM In Reply to: 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: 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

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