How does an entity elect to be treated as a “family limited liability entity” and therefore subject to the $500 cap under the privilege tax?
A qualifying LLE would make the election to be treated as an Electing Family Limited Liability Entity by completing Alabama Form BPT-E, Family Limited Liability Entity Election Form, and attaching the completed form to the Alabama Form PPT being filed for the LLE. Page 1, line 20 must be checked to indicate that the election form is attached to the Form PPT.
A qualifying LLE would make the election to be treated as an Electing Family Limited Liability Entity by completing Alabama Schedule BPT-E, Family Limited Liability Entity Election Form, and attaching the completed form to the Alabama Form PPT being filed for the LLE. Page 1, line 20 must be checked to indicate that the election form is attached to the Form PPT.
Related Questions
- May the Receiver enter into settlements in connection with his efforts to recover receivership entity assets. Are these settlements subject to review?
- How does an entity elect to be treated as a "family limited liability entity" and therefore subject to the $500 cap under the privilege tax?
- Under this measure, if a governmental entity collects more in taxes than their spending cap, what happens to the excess tax collections?
