Maine Revised Statutes Title 36 Sec. 5191 – Resident partner — adjusted gross income
Current as of: 2023 | Check for updates
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1. Modification in determining the adjusted gross income of a resident partner. Any modification described in section 5122 which relates to an item of partnership income, gain, loss or deduction shall be made in accordance with the partner’s distributive share, for federal income tax purposes, of the item to which the modification relates. Where a partner’s distributive share of any item is not required to be taken into account separately for federal income tax purposes, the partner’s distributive share of that item shall be determined in accordance with the partner’s distributive share, for federal income tax purposes, of partnership taxable income or loss generally.
[PL 1989, c. 508, §19 (AMD).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5191
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- 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.
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
2. Character of items. Each item of partnership income, gain, loss or deduction shall have the same character for a partner under this Part as it has for federal income tax purposes. Where an item is not characterized for federal income tax purposes, it shall have the same character for a partner as if realized directly from the source from which realized by the partnership or incurred in the same manner as incurred by the partnership.
[P&SL 1969, c. 154, §F1 (NEW).]
3. Tax avoidance or evasion. If a partner’s distributive share of an item of partnership income, gain, loss or deduction is determined for federal income tax purposes by a special provision in the partnership agreement, the principal purpose of which is the avoidance or evasion of tax under this Part, the partner’s distributive share of that item and any modification required with respect to that item must be determined in accordance with the partner’s distributive share of the taxable income or loss of the partnership generally, exclusive of items that must be separately computed under the Code, Section 702.
[PL 2011, c. 548, §27 (AMD).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW). PL 1979, c. 541, §A233 (AMD). PL 1989, c. 508, §19 (AMD). PL 2011, c. 548, §27 (AMD).