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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7009
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Hopefully. One question. I'm filing a new Partnership Return

Customer Question

Hopefully. One question. I'm filing a new Partnership Return (for Minnesota). Can the Partnership elect "where" the income comes from for an individual partner? For example, the Partnership earned a small amount of Minnesota income and most of the income was from outside of Minnesota. Can the Partnership elect that the one Minnesota resident receive ALL of the Minnesota income, while two other non-Minnesota resident Partners receive their income excluding the Minnesota income (so that the non-Minnesota residents would not have to file Minnesota State returns. All partners would still receive 1/3 of the profits.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I don't think so.
Submitted: 7 days ago.
Category: Tax
Expert:  Stephen G. replied 7 days ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 7 days ago.

No. That type of allocation of gross receipts would not be permitted.

By agreement you can alter the percentages of net income to each partner but you can't designate or allocate the source of profit or net income to any partner.

Steve G.