Montana Code 15-30-3406. Effect of election by audited partnership or tiered partner and payment of amount due
15-30-3406. Effect of election by audited partnership or tiered partner and payment of amount due. (1) The election made pursuant to 15-30-3404 is irrevocable, unless the department, in its discretion, determines otherwise.
Terms Used In Montana Code 15-30-3406
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)If properly reported and paid by the audited partnership or tiered partner, the amount determined in 15-30-3404(1)(b), will be treated as paid in lieu of taxes owed by its direct and indirect partners, to the extent applicable, on the same final federal adjustment. The direct partners or indirect partners may not take any deduction or credit for this amount or claim a refund of the amount in this state. Nothing in this section shall preclude a direct resident partner from claiming:
(a)a credit against taxes paid to this state pursuant to 15-30-3313; or
(b)any amounts paid by the audited partnership or tiered partner on the resident partner’s behalf to another state or local tax jurisdiction in accordance with the provisions of 15-30-2302.
(3)Nothing in this section prevents the department from assessing direct partners or indirect partners for taxes owed, using the best information available, in the event that a partnership or tiered partner fails to timely make any report or payment required by this section for any reason.