Are homeowners associations liable for the net worth tax?
• If not organized for pecuniary gain or profit, a homeowners association is not liable for the net worth tax. Write “not organized for profit” in schedule 2 of Form 600. If organized for profit, a homeowners association is liable for net worth tax. • For a corporation which has a partnership interest, does the pro rata share of the partnership’s receipts and assets also get added to the numerator (if applicable) and the denominator for calculating the net worth tax of the corporation as they do for the calculation of income tax? • Yes. O.C.G.A. Section 48-13-72 imposes a net worth tax on a foreign corporation which is doing business or owning property in this state. The language is nearly identical to the language in O.C.G.A. Section 48-7-31 and Regulation 560-7-7-.03 and as such the same principles apply. Regulation 560-7-7-.
Related Questions
- For purposes of computing the net worth franchise tax base on a consolidated basis, what is an "affiliated group?" An affiliated group is comprised of the following:
- If an entity that is subject to the Kansas franchise tax has net worth of less than $1,000,000 is it required to file a franchise tax return?
- Are homeowners associations liable for the net worth tax?
