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Pursuant to the authority contained in section 25, subdivision First of section 171, subsection (a)

Pursuant to the authority contained in section 25, subdivision First of section 171, subsection (a) 2025

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The document outlines amendments to the Procedural Regulations regarding New York reportable transactions, which are defined as transactions with potential tax avoidance implications. It establishes requirements for taxpayers to disclose their participation in such transactions on their tax returns, categorizes them into three types (listed, confidential, and those with contractual protection), and details the definitions, disclosure processes, and retention of related documents. The regulations aim to enhance transparency and compliance in tax reporting.

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Do trusts have to file tax returns in Texas?

Yes, unless the grantor trust qualifies as a passive entity or as a nontaxable entity under TTC 171.0002(c)(1).

Which entity is not subject to Texas franchise tax?

Entities Not Subject to Franchise Tax The following entities do not file or pay franchise tax: sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships);

What is Section 171 of the Texas tax code?

171.001. TAX IMPOSED. (a) A franchise tax is imposed on each taxable entity that does business in this state or that is chartered or organized in this state. (b) The tax imposed under this chapter extends to the limits of the United States Constitution and the federal law adopted under the United States Constitution.

What entities are exempt from sales tax in Texas?

These governmental entities include: The U.S. federal government and its agencies and departments (including branches of the military). Texas state and local government agencies, cities, counties, public schools, school districts and state institutions of higher education.

What is a passive entity in Texas Code 171?

Section 171.0003 - Definition of Passive Entity (a) An entity is a passive entity only if: (1) the entity is a general or limited partnership or a trust, other than a business trust; (2) during the period on which margin is based, the entitys federal gross income consists of at least 90 percent of the following income

What is a passive entity?

Passive Entity a Person that conducts no business activity other than the ownership of Stock and has no Indebtedness other than Guarantee Obligations relating to its Subsidiaries.

Pursuant to the authority contained in section 25, subdivision First of section 171, subsection (a) 2025

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Pursuant to the authority contained in section 25, subdivision First of section 171, subsection (a) 2025

Here's how it works

How to rapidly redact Pursuant to the authority contained in section 25, subdivision First of section 171, subsection (a) online

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Got questions?

Do trusts have to file tax returns in Texas?

Which entity is not subject to Texas franchise tax?

What is Section 171 of the Texas tax code?

What entities are exempt from sales tax in Texas?

What is a passive entity in Texas Code 171?

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