In a recent decision, the Georgia Tax Tribunal held that a Georgia resident taxpayer was entitled to deduct pass-through income which was subject to the Revised Texas Franchise Tax (TFT) in computing his Georgia taxable income. This has the potential to create refunds and reduced tax liability for Georgia owners of partnerships, LLCs and S-Corporations with Texas operations.
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Topics: RTFT, Georgia Tax Tribunal, Revised Texas Franchise Tax, Tax, Uncategorized