club_cafe: State return for Illinois
HelpRegister |
club_cafe: State return for Illinois In a message dated 2/1/2007 1:25:07 P.M. Eastern Standard Time,
kcmui@bivio.com writes:
I read somewhere in this forum that the state of Illinois does not require partnerships of investment club to file the IL-1065. I believe that is still true. It should be mentioned in the instructions to
the IL-1065.
Ira Smilovitz But according to this GIL - general information letter that I found in the ILL DEPT OF REVENUE website.
http://www.revenue.state.il.us/legalinformation/letter/rulings/it/1997/ig970034.pdf It is a long ruling, but it simply states that if a Federal 1065 partnership return is filed, then a partnership is require to file a IL-1065 return. Only instance that a IL-1065 is not require is when the investment club makes the section 761(a) election, where by the investment club will not be required to file the federal 1065 return. and then will not be treated as a partnership for Illinois income taxes purposes. Now I am really confused....... Only instance that a IL-1065 is not require
is when the investment club makes the section 761(a) election, where by the
investment club will not be required to file the federal 1065 return. and then
will not be treated as a partnership for Illinois income taxes
purposes.
I don't know about the necessity to file an Illinios
income tax, but I do know something about the 761 election not to be treated as
a partnership. The IRS has determined that this election was never meant for
investment clubs, so it is not something that you can do. Clubs that have filed
for a 761 election in prior years and that have not filed federal returns since
then, are advised that they should start filing.
Rip West Saint Paul, MN |
|