Michigan Laws 208.1512 – Disregarded entity; classification; filing amended return; treatment as person separate from owner
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Terms Used In Michigan Laws 208.1512
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(1) Notwithstanding any other provision of this act except as provided under subsections (2) and (3), a person that is a disregarded entity for federal income tax purposes under the internal revenue code shall be classified as a disregarded entity for purposes of this act.
(2) Notwithstanding subsection (1), a person that is a disregarded entity for federal income tax purposes under the internal revenue code that prior to January 1, 2012 in an originally filed return was treated as a person separate from its owner or prior to December 1, 2011 in an amended return was treated as a person separate from its owner under this act for a tax year that begins after December 31, 2007, is not required to file an amended return with its owner as a disregarded entity.
(3) Notwithstanding subsection (1), a person that is a disregarded entity for federal income tax purposes under the internal revenue code that prior to January 1, 2012 in an originally filed return was treated as a person separate from its owner or prior to December 1, 2011 in an amended return was treated as a person separate from its owner under this act for its first tax year that begins after December 31, 2009, may be treated as a person separate from its owner under this act for its tax year that begins after December 31, 2010 and ends before January 1, 2012.