42.9.510    PASS-THROUGH ENTITY INFORMATION RETURNS FOR PARTNERSHIPS ELECTING IRC 761

(1) Any entity that has Montana source income, that elects under IRC 761 to be excluded from application of some or all of the partnership tax rules on or after January 1, 2003, must file a Montana Form DER-1 on or before the 15th day of the fourth month following the close of the annual accounting period of the owners.

(2) An entity required to file an information return provided in (1) can obtain an automatic extension of time to file its information return if its owner has qualified for extension of time to file a return. The extended due date is the same as the owner's federal extended due date. The entity is allowed an automatic extension to file its information return of up to six months if the owners are not required to file a federal information return.

(3) A disregarded entity required to file the information returns provided in (1) is subject to a late-filing penalty if:

(a) the Montana disregarded entity information return is not filed by the due date (including extensions); or

(b) a return is filed that does not include all of the following information:

(i) name, address, and social security or federal identification number of each partner, member, or other owner;

(ii) the date of the election and the internal revenue district (or service center serving the district) where the election was filed;

(iii) any assumed business name(s) the disregarded entity has registered with the Montana Secretary of State, under which it conducts any trade, business, or occupation in the state, or under which it holds title to any real or tangible personal property in the state; and

(iv) if the disregarded entity is a limited liability company, limited liability partnership, limited partnership, or any other unincorporated entity formed under the laws of Montana or any other state or country, the state, county, and date of formation.

History: 15-1-201, 15-30-2620, 15-30-3302, 15-31-501, MCA; IMP, 15-30-2602, 15-30-2603, 15-30-3302, 15-30-3311, 15-30-3312, 15-31-101, 15-31-111, MCA; NEW, 2002 MAR p. 3708, Eff. 12/27/02; AMD, 2013 MAR p. 428, Eff. 3/29/13; AMD, 2015 MAR p. 2152, Eff. 12/11/15.