36 §5241. Partnership and S corporation returns - Maine Statutes

Title 36: TAXATION

Part 8: INCOME TAXES

Chapter 825: INFORMATION RETURNS

§5241. Partnership and S corporation returns

Every partnership and S corporation with a resident partner or shareholder or with income derived from sources in this State, determined in accordance with the applicable rules of section 5142 as in the case of a nonresident individual, shall make a return for the taxable year setting forth all items of income, gain, loss and deduction, the names and addresses of the individuals whether residents or nonresidents who would be entitled to share in the net income if distributed and the amount of the distributive share of each individual and other pertinent information the State Tax Assessor may prescribe. Any return, statement or other document required of a partnership must be signed by one or more partners. The appropriate return must be filed on or before the 15th day of the 4th month for partnerships or the 15th day of the 3rd month for S corporations following the close of each taxable year. For purposes of this section, "taxable year" means a year or period that would be a taxable year of the partnership or S corporation if it were subject to the tax under this Part. The assessor may elect to waive the requirement to file a Maine return as established in this section for a tax year and in its place require the partnership or S corporation to file a copy of its federal partnership or S corporation return. The requirement to file a return as established in this section does not apply to any partnership or S corporation that is subject to tax under chapter 819. [1997, c. 746, §23 (AMD); 1997, c. 746, §24 (AFF).]

SECTION HISTORY

P&SL 1969, c. 154, §F1 (NEW). 1971, c. 61, §7 (AMD). 1979, c. 541, §A241 (AMD). 1987, c. 819, §12 (AMD). 1995, c. 639, §22 (AMD). 1997, c. 746, §23 (AMD). 1997, c. 746, §24 (AFF).