Agenda - Council - 02/08/2021 - Laserfiche WebLink

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01/13/21 REVISOR EAP/HR 21-01750 15.1 (1) the partner elects to have the tax due paid as part of the partnership's composite return 15.2 under section 289A.08, subdivision 7; 15.3 (2) the partner has Minnesota assignable federal adjusted gross income from the 15.4 partnership of less than $1,000; or 15.5 (3) the partnership is liquidated or terminated, the income was generated by a transaction 15.6 related to the termination or liquidation, and no cash or other property was distributed in 15.7 the current or prior taxable year; 15.8 (4) the distributive shares of partnership income are attributable to: 15.9 (i) income required to be recognized because of discharge of indebtedness; 15.10 (ii) income recognized because of a sale, exchange, or other disposition of real estate, 15.11 depreciable property, or property described in section 179 of the Internal Revenue Code; 15.12 or 15.13 (iii) income recognized on the sale, exchange, or other disposition of any property that 15.14 has been the subject of a basis reduction pursuant to section 108, 734, 743, 754, or 1017 of 15.15 the Internal Revenue Code 15.16 to the extent that the income does not include cash received or receivable or, if there is cash 15.17 received or receivable, to the extent that the cash is required to be used to pay indebtedness 15.18 by the partnership or a secured debt on partnership property; of 15.19 (5) the partnership is a publicly traded partnership, as defined in section 7704(b) of the 15.20 Internal Revenue Code; or 15.21 (6) the partnership has elected to be taxed as a C-option corporation under section 15.22 289A.08, subdivision 7a. 15.23 (e) For purposes of sections 270C.60, 289A.09, subdivision 2, 289A.20, subdivision 2, 15.24 paragraph (c), 289A.50, 289A.56, 289A.60, and 289A.63, a partnership is considered an 15.25 employer. 15.26 (f) To the extent that income is exempt from withholding under paragraph (d), clause 15.27 (4), the commissioner has a lien in an amount up to the amount that would be required to 15.28 be withheld with respect to the income of the partner attributable to the partnership interest, 15.29 but for the application of paragraph (d), clause (4). The lien arises under section 270C.63 15.30 from the date of assessment of the tax against the partner, and attaches to that partner's share 15.31 of the profits and any other money due or to become due to that partner in respect of the 15.32 partnership. Notice of the lien may be sent by mail to the partnership, without the necessity Sec. 13. 15