Discussion:Nevada S Corp sale of intangible assets with possible situs in OH
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Discussion Forum Index --> Advanced Tax Questions --> Nevada S Corp sale of intangible assets with possible situs in OH
Discussion Forum Index --> Tax Questions --> Nevada S Corp sale of intangible assets with possible situs in OH
| 14 September 2009 | |
| Client is a Nevada S Corporation with an office in Ohio. All assets of the S corp (including tangible Ohio assets) are being sold. Would the sale of intangible assets (goodwill, workforce in place, trade name, etc.) be partially apportioned/sitused to Ohio? Would the apportionment be the normal calculation for the year of sale? A citation would be greatly appreciated. | |
Harry Boscoe (talk|edits) said: | 14 September 2009 |
| What does the corporation have or do that isn't had or done in Ohio? | |
| 14 September 2009 | |
| try this
[Business Closing Information – General] TexCPA 12:39, 14 September 2009 (CDT) | |
| 14 September 2009 | |
| Yes. On Form IT 1140 (or IT 4708), the company will apportion all qualifying investors' distributive shares of income, gain, expenses and losses and withhold Ohio tax (or pay Ohio tax on the investors' behalf). Form FT 1120S is an informational return. The company may also have to filing requirements for city income tax depending on the location of the company's office.
Go to http://tax.ohio.gov and look at the instructions for the following forms: FT 1120S, IT 1140 and IT 4708. Also read the following webpage: http://tax.ohio.gov/divisions/pass-through_entities/voluntary_disclosure_guidelines.stm regarding voluntary disclosure. | |
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