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03.04.07.00.htm 03.04.07.00. Title 03 COMPTROLLER OF THE TREASURY Subtitle 04 INCOME TAX Chapter 07 Pass-Through Entity Nonresident Tax Authority: Tax-General Article, §2-103 and 10-102.1(c) and (f) Annotated Code of Maryland
03.04.07.01.htm 03.04.07.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Distributable cash flow" has the meaning stated in Tax-General Article, §10-102.1(a)2) Annotated Code of Maryland.2) "Distributive share of partnership income" means the total distributive share of income (loss) items as reported on Schedule K of the federal partnership return, Form 1065, less interest from U.S. obligations.3) "Member" has the meaning stated in Tax-General
03.04.07.02.htm 03.04.07.02. 02 Imposition and Computation of Tax.. A. Imposition of Tax. A tax is imposed on a pass-through entity that has:. 1) A nonresident member; and. 2) Nonresident taxable income for the taxable year.. B. Allocation of Income for a Multistate Pass-Through Entity.. 1) A multistate pass-through entity that is a partnership (including a limited liability company taxed as a partnership and a business trust taxed as a partnership) shall allocate income to this State using:
03.04.07.03.htm 03.04.07.03. 03 Filing of Returns and Payment of Tax.. A. Information Returns.. 1) Requirement to File. A pass-through entity doing business in this State shall file an information return using Form 510. A pass-through entity that is an S corporation may be required to file a corporate income tax return as provided in COMAR 03.04.03.03B(3)2) Attachments.. a) A pass-through entity that is a partnership (including a limited liability company taxed as a partnership and a business t
03.04.07.04.htm 03.04.07.04. 04 Statements to Nonresident Members.. A. Requirements. A pass-through entity shall provide each nonresident member with an income tax statement.B. Form and Contents of Statement.. 1) Form. A pass-through entity may elect to use a:. a) Maryland Form 510, Schedule K-1;. b) Modified Federal Form K-1; or. c) Statement prepared by the pass-through entity on its own form.. 2) Contents.. a) Pass-through Entity Income Tax Statement. A pass-through entity that elects to use its own form a
03.04.07.05.htm 03.04.07.05. 05 Composite Returns.. A pass-through entity may file a composite return on behalf of the nonresident members that are individuals (not including fiduciaries) pursuant to COMAR 03.04.02.04.
03.04.07.9999.htm 03.04.07.9999. Administrative History Effective date: January 20, 1992 (19:1 Md. R. 23). Regulation .01B amended effective March 29, 1993 (20:6 Md. R. 579). Regulation .02C amended effective January 14, 1999 (26:1 Md. R. 22). Regulation .03 amended effective November 20, 1994 (21:23 Md. R. 1931). Regulation .03B amended and D adopted effective December 22, 2003 (30:25 Md. R. 1845). Regulation .04B amended effective December 22, 2003 (30:25 Md. R. 1845) ―.
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