I have a question involving California for you. I have a client who has never resided in CA but she did have interest in a limited parntership that operated in CA, I assume since she always got a CA K-1.
She has had NOL for the past few years and usually small losses or a little interest from K-1. It never amounted to over a couple of hundred dollars from the K-1.
The partnership sold or liquidated or something. It is finished as of 10/31/06. In the sale of the partnership she has ended up with $2674 of ordinary income, almost $1000 on Sch D and over $4400 of debt forgiveness.
I did the CA return as non-resident and it comes up with her owing no tax. Her AGI was a negative $30476. As I said she is carrying NOL for several years forward. Since the NOL's have no basis in CA, I just wanted to make sure that this was correct that she didn't owe CA any tax.
Dennis or Sandy, if you have any questions you can email me - lforner@earthlink.net.
Thanks.
Linda F
She has had NOL for the past few years and usually small losses or a little interest from K-1. It never amounted to over a couple of hundred dollars from the K-1.
The partnership sold or liquidated or something. It is finished as of 10/31/06. In the sale of the partnership she has ended up with $2674 of ordinary income, almost $1000 on Sch D and over $4400 of debt forgiveness.
I did the CA return as non-resident and it comes up with her owing no tax. Her AGI was a negative $30476. As I said she is carrying NOL for several years forward. Since the NOL's have no basis in CA, I just wanted to make sure that this was correct that she didn't owe CA any tax.
Dennis or Sandy, if you have any questions you can email me - lforner@earthlink.net.
Thanks.
Linda F
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