Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part I - Taxes Collected and Administered by the Secretary of Revenue
Chapter 14 - Income: Partnerships
Section I-1402 - Partnership Filing Requirements
Universal Citation: LA Admin Code I-1402
Current through Register Vol. 50, No. 9, September 20, 2024
A. General Requirement
1. Unless otherwise
provided, all partnerships doing business or deriving Louisiana sourced income
are required to file an informational partnership return of income with the
Department of Revenue.
2.
Partnerships subject to the filing requirement are required to file Form
IT-565, Partnership Return of Income, and include all required
schedules and attachments.
B. Exceptions
1. A partnership is exempt from filing a
partnership return if any of the following are applicable:
a. The partnership's gross receipts were less
than $250,000 and the partnership's total assets at the end of the tax year
were less than $1 million.
i. For purposes of
this Subparagraph, "gross receipts" means the sum of the amounts reportable as
gross receipt or sales, ordinary income from other partnerships, estates, and
trusts, net farm profit and other income on federal Form 1065 or successor form
(Lines 1a, 4, 5 and 7 on the 2023 Form 1065); other gross rental income,
interest income, ordinary dividends, royalties, and other income on Schedule K,
Partners' Distributive Share Items, of federal Form 1065 or successor form
(Lines 3a, 5, 6a, 7, and 11 on the 2023 Form 1065, Schedule K); gross proceeds
from short-term and long-term capital gains on federal Schedule D, Capital
Gains and Losses or successor form; gross proceeds from sale of business
property on federal Schedule 4797 or successor form; and total gross rents on
federal Form 8825 or successor form, (Line 18a on the 2023), excluding any
negative values.
ii. For purposes
of this Subparagraph, "total assets" means amounts reportable as end of tax
year total assets on Schedule L, Balance Sheet per Books of the federal Form
1065, or successor form (Line 14, column D on the 2023 Form 1065, Schedule L)
without regard to location of assets, and excluding any negative values
reported as assets on the lines preceding of Schedule L (Lines 1 through 13 on
the 2023 form).
b. The
partnership is not required to file federal Form 1065 with the Internal Revenue
Service.
c. The partnership elected
to be taxed as a corporation and files Form CIFT 620 with the Department of
Revenue.
d. A partnership
qualifying for any exception under this Paragraph must complete Form IT-565,
Partnership Return of Income, when necessary,
for the purpose of providing all partners with the information necessary to
file all required income tax returns with the Department of Revenue.
2. Notwithstanding Paragraph 1, a
partnership shall file a state partnership return regardless of any applicable
exception, when any of the following apply.
a.
The partnership is required to attach Schedule 6922, Louisiana
Composite Partnership, to Form IT-565.
b. The partnership has partners or related
parties with an approved pass-through entity election on file with the
Department of Revenue.
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:201.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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