15-30-3301. Definition of small business corporation. (1) Except as provided in subsection (2), the term “small business corporation” is synonymous with “S. corporation” as defined in 15-30-2101 and means a corporation for which a valid election under section 1362 of the Internal Revenue Code (26 U.S.C. 1362) is in effect. (2) A corporation that would otherwise be […]
15-30-3302. Income or license tax involving pass-through entities — information returns required. (1) Except as otherwise provided: (a) a partnership is not subject to taxes imposed in Title 15, chapter 30 or 31; (b) an S. corporation is not subject to the taxes imposed in Title 15, chapter 30 or 31; and (c) a disregarded entity is not subject […]
15-30-3303 through 15-30-3310 reserved.
15-30-3311. Taxation of partners, shareholders, managers, and members. (1) A partner of a partnership that has Montana source income and a resident who is a partner of a partnership during any part of the tax year shall, in computing net income, include the partner’s distributive share of partnership income, gain, loss, deduction, or credit or item […]
15-30-3312. (Temporary) Composite returns and tax. (1) A partnership or S. corporation may elect to file a composite return and pay a composite tax on behalf of participants. A participant is a partner, shareholder, member, or other owner who: (a) is a nonresident individual, a foreign C. corporation, or a pass-through entity whose only Montana source income […]
15-30-3313. Consent or withholding — rulemaking. (1) A pass-through entity that is required to file an information return as provided in 15-30-3302 and that reports a distributive share of income of $1,000 or more of Montana source income during the tax year to a partner, shareholder, member, or other owner who is a nonresident individual, a […]
15-30-3314. Review of pass-through entity taxation by department. The department shall review, with the assistance of interested parties, the reporting and taxation of income that is flowing through pass-through entities and the method of reporting and taxation of this income in states other than Montana and shall consider recommendations concerning the methodology that Montana should use […]
15-30-3315. Electronic partnership return required — waiver — rulemaking. (1) Subject to subsection (4), each year, a partnership with more than 100 partners shall transmit to the department, in an electronic format approved by the department, all partnership returns, along with the corresponding U.S. department of treasury schedules K-1 and all other related forms and schedules […]
15-30-3316 through 15-30-3320 reserved.
15-30-3321. Small business option unavailable on dissolution — exception. In the case of corporation dissolution, no benefits may be taken under the “small business act” or under any law or regulation shifting the tax to be paid from the corporation to the shareholders unless all shareholders agree to assume personal income tax liability the same as […]
