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Ask Michael Lykken, Esq Your Own Question
Michael Lykken, Esq
Michael Lykken, Esq,
Category: Business Law
Satisfied Customers: 103
Experience:  Partner at Soares & Lykken, Attorneys at Law
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Does a Venezuelan company have a tax treaty with the us with

Customer Question

does a Venezuelan company have a tax treaty with the us with the amount of income they can have and not be taxed on their income from a k-1 in a partnership
Submitted: 1 year ago.
Category: Business Law
Customer: replied 1 year ago.
is anyone answering my last question
Expert:  Michael Lykken, Esq replied 1 year ago.

Hello, my name is ***** ***** I am a licensed California attorney. The US does have a tax treaty with Venezuela. You can find it here. You should be able to find treatment of partnership income in that document. Good luck!

Customer: replied 1 year ago.
That is a very vague answer. i need to understand whether there is a limitation on the amount of income a foreign corporation can have as a partner of a us company. Is all income taxable or is part of excluded?
Expert:  Michael Lykken, Esq replied 1 year ago.

Hello, you had asked whether there is a tax treaty so I provided the answer to that question. Regarding the taxation of the income shown on the K-1, the entire amount is taxable in the US. I hope this clarifies the issue for you. Thank you, ***** ***** me know if you need further clarification.

Customer: replied 1 year ago.
the treaty does not effect their partnership interest?
Expert:  Michael Lykken, Esq replied 1 year ago.

Generally, no because the partnership itself is governed by US tax law. The exception would be if there is specific language in the tax treaty (which would be unusual). I haven't reviewed that tax treaty to see if there is, but I would be surprised if there was. The company may get a deduction in Venezuela for taxes paid in the US, but you would have to check with a professional in Venezuela for that.

Expert:  Michael Lykken, Esq replied 1 year ago.

Hello, do you need any further clarification? If not, I hope you are happy with my service. If so, I would appreciate it if you would rate me. The only way I can receive credit for helping you is if you rate me, so doing so would be very helpful. Thank you!