California – LLC fee regulation provides guidance on flow-through income

June 2014


On May 14, 2014, California adopted regulation 17942, which provides guidance regarding an LLC’s total income from all sources derived from or attributable to California.  The regulation provides guidance on: (1) the treatment of flow-through income from partnerships, (2) special assignment rules for total income from certain passive holdings and occasional sales, (3) an alternative method for assigning total income, and (4) disregarding the assignment rules if all business activities are conducted in California.

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