Is a PTE subject to filing the Ohio form IT 1140 if all of its nonresident equity investors file Ohio form IT 1040 returns?
Yes. The current law does not provide any exemption for the PTE even if each investor is currently filing the Ohio form IT 1040. Note, however, that the law does provide such an exemption with respect to corporations that are not considered qualifying investors (see item #12 on page 3 of the 2009 general instructions for Ohio form IT 1140).
Related Questions
- If the PTE is not subject to Ohio tax, what is the procedure for a nonresident partner/shareholder to recover an amount erroneously withheld by a PTE and paid via Ohio form IT 1140ES?
- Can investors with 5% or less of voting equity shares elect to be subject to the statement of policy in order to meet the 1/3 test?
- ARE S CORPORATION NONRESIDENT SHAREHOLDERS SUBJECT TO THE OHIO INDIVIDUAL INCOME TAX?
