For income tax purposes, does Georgia follow the Federal treatment for a Qualified Subchapter S Subsidiary (QSSS)?
• Yes. However, the QSSS and the parent would file separate net worth tax returns. If the parent is not registered with the Secretary of State and does not do business or own property in Georgia or receive income from Georgia sources (other than thru the QSSS) they would not be required to file a net worth tax return. Alternately, a QSSS that is not registered with the Secretary of State and does not do business or own property in Georgia or receive income from Georgia sources would not be required to file a net worth return, even if the parent is required to do so.
Related Questions
- If a contribution to a qualified plan is made in one year but designated for federal purposes as being the contribution for the prior year, to which year does the deduction from net earnings apply?
- For income tax purposes, does Georgia follow the Federal treatment for a Qualified Subchapter S Subsidiary (QSSS)?
- Does Massachusetts follow the Internal Revenue Code for the treatment of qualified pension plans?
