Arizona and 30 other states have enacted statutes that create a pass-through entity tax as a workaround to the $10,000 cap on the state and local taxes (SALT) itemized deduction. The pass-through entity (PTE) tax allows partnerships and S corporations engaged in businesses and rental activities to elect to be taxed at the entity level for state income tax purposes, which reduces the net profits reflected on the partners’ and shareholders’ K-1s. This CLE will introduce you the basics of the PTE Election and drafting issues for partnerships.
Mike Mitchell, Stenson Tamaddon LLC
Gregory V. Gadarian, Gadarian & Cacy PLLC
|PTE Materials (298.6 KB)||30 Pages||Available after Purchase|