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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I would like to discuss taxation of foreign partners with

Customer Question

I would like to discuss taxation of foreign partners with you over the phone. You answered my questions in October but I will need assistance with estimated payments and other filing requirements.Quick Summary: California state partnership has been created in 2014 by three foreign partners.#1 Partner own 42.50% interest in CA partnership through single member LLC created in US. He applied and received TIN for his personal tax.#2 Partner does not have TIN and want his income to be allocated (special allocation) to other partner #1 with TIN. His ownership interest is 15%.#3 Partner is foreign entity and does not have US tax id. Ownership interest 42.5%Foreign partnership had approximately $61,000 income in 2015. What are filing requirements:1. What forms we need to file to pay estimates for partner #1 (US and CA)?
2. Can partner #2 do special allocation and have partner #1 pay taxes?
3. Can Partner #3 pay estimates without TIN? If yes how. If not, what do you suggest to avoid penalties (US and CA)
4. What are filing requirement of CA Partnership? Do we need to pay CA tax for partnership before 01/15/2016?
5. Do we need to file 8813 for partnership. If yes, do we use 39.6 rate? How do we allocated tax credit to partner #1 when he files 1040NR?
Submitted: 1 year ago.
Category: Tax
Expert:  USTaxAdvising replied 1 year ago.


I am not certain I can help with this as I don't have a great deal of time at the moment. To help keep this moving for you, and in the event I free up, what is the CA partnership investing into? California real estate?