The California Franchise Tax Board (FTB) in its FTB Legal Ruling 2019-02 reverses its long standing position and announces that limited partnership treated as disregarded for federal tax purposes is NOT subject to its annual limited partnership fee (minimum tax of $800) and income tax return filing. This means the limited partnership can file for refunds for its previously paid annual fees and no income tax return is required going forward!
In short, you save $800. 😀
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