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Old 01-12-2015, 10:01 PM
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Maryland Pass thru entity tax

I have been tasked with preparing a partnership 1065, with 30 partners and a Maryland 510. (client is cash basis)

Issue:

In 2013 the partnership, which holds rental property, generated income and as some partners are non resident, PTE was paid with the 2013 return which was filed in 2014.

In 2013 when the MD 510 was prepared each non-resident partner received a MD k-1 showing their portion of tax paid on their behalf.

Question is for 2014. Does the PTE paid to Maryland in 2013 become a (taxes paid deduction) on page 1 of the 1065?

If so, as this would reduce income, do I need a corresponding entry on the Maryland 510, such as an M-1, since the partners already received benefit in the form of a state tax deduction in 2013? Seems if I don't, wouldn't it be double dipping?

Thanks in advance...



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