31 §761. Taxation of limited liability companies (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 13: MISCELLANEOUS

§761. Taxation of limited liability companies

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

1. Classified as partnership. For purposes of taxation under Title 36, Part 8, a limited liability company formed under this chapter or qualified to do business in this State as a foreign limited liability company is classified as a partnership, unless classified otherwise for federal income tax purposes, in which case the limited liability company is classified in the same manner as it is classified for federal income tax purposes.

[ 1999, c. 414, §4 (AMD) .]

2. No loss from limited liability company before April 1, 1996. Until April 1, 1996, for purposes of computing and making payment of estimated tax under Title 36, section 5228, there may not be deducted from a member's income any loss, or estimated loss, if any, from a limited liability company.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

3. Taxation. The taxation of limited liability companies is also governed by Title 36, section 5180.

[ 1999, c. 414, §5 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 1999, c. 414, §§4,5 (AMD). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).