Calif. source income

Reggie · 2009-05-30T14:57:21+00:00

a taxpayer in another state owns a single member Calif. LLC which owns Calif. real estate. The taxpayer also holds a deed of trust on the real estate owned by the LLC. The net income of the LLC passes to the taxpayer, and I believe is Calif source income to the taxpayer. (correct? any way to minimize this characterization?) The LLC pays interest on the deed of trust to the taxpayer. Is this Calif source income to the taxpayer? If so, any way to avoid or minimize this characterization?

May 30, 2009 20 Replies

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Steve Pope 17 years ago

Thanks. I am sure you are right and I was mistaken.

Steve

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Calif. source income

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