I am a Georgia resident and a shareholder in a s-corporation operating in a state that does not recognize the s-election, therefore tax is paid by the corporation. How is this treated on the Georgia individual return?
• An adjustment for this income can be made on the other subtractions line of schedule 1 of Form 500. • In 1999, Tennessee expanded the type of entities that are subject to the Franchise and Excise tax. In addition to s-corporations, it now includes limited liability companies, limited partnerships, etc. As is mentioned in the previous question, a Georgia resident, who is a shareholder in an s-corporation operating in a state that does not recognize the s-election, can make an adjustment for this income on form 500 if the tax is paid by the corporation. Does this adjustment also apply to a member of a limited liability company (that is treated as a partnership for Federal Income Tax purposes) or a partner of a limited partnership when the limited liability company or the limited partnership pays the Tennessee Franchise and Excise Tax? • Georgia law is very specific and only provides an adjustment to federal AGI for s-corporation income in this situation. Accordingly, no adjustment to i
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