Iowa Code 422.25B – State pass-through representative
Current as of: 2023 | Check for updates
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1. As used in this section, all words and phrases defined in section 422.25A shall have the same meaning given them by that section.
Terms Used In Iowa Code 422.25B
- Federal partnership representative: means the person the partnership designates for the taxable year as the partnership's representative, or the person the internal revenue service has appointed to act as the federal partnership representative, pursuant to section 6223(a) of the Internal Revenue Code and the regulations thereunder. See Iowa Code 422.25A
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an entity subject to taxation under subchapter K of the Internal Revenue Code and the regulations thereunder and includes but is not limited to a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on and which is not, within the meaning of this chapter, a trust, estate, or corporation. See Iowa Code 422.25A
- Pass-through entity: includes but is not limited to S corporations, estates, and trusts other than grantor trusts. See Iowa Code 422.25A
- Person: means any individual, firm, association, partnership, joint stock company, joint adventure, corporation, trustee, agency, or receiver, or any legal representative of any of the foregoing. See Iowa Code 453A.42
- Reviewed year: means the taxable year of a partnership that is subject to a partnership level audit from which final federal partnership adjustments arise, or otherwise means the taxable year of the partnership or pass-through entity that is the subject of a state partnership audit. See Iowa Code 422.25A
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. The state pass-through representative for the reviewed year for a partnership shall be the partnership‘s federal partnership representative with respect to an action required or permitted to be taken by a state pass-through representative under this chapter for a reviewed year, unless the partnership designates in writing another person as the state pass-through representative as provided in subsection 3. The state pass-through representative for the reviewed year for a pass-through entity is the person designated in subsection 3.
3. The department may establish reasonable qualifications for a person to be a state pass-through representative. If a partnership desires to designate a person other than the federal partnership representative, the partnership shall designate such person in the manner and form prescribed by the department. A pass-through entity shall designate a person as the state pass-through representative in the manner and form prescribed by the department. A partnership or pass-through entity shall be allowed to change such designation by notifying the department at the time the change occurs in the manner and form prescribed by the department.
4. The department may adopt any rules pursuant to chapter 17A to implement this section.