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Form 1120-SF Minnesota Hennepin: What You Should Know
S. 17. Sep 20, 2021, 2025 — Publication 1350, Minn. Stat. Chapter 169, Income Tax Minn. Stat. 169.085(2)(d) Form 1120-SF may be considered and used for all transfers made between corporations, partnerships, limited liability companies, and sole proprietorship, unless the following provisions: Form 1120-SF may be used and relied on solely for certain transfers of property between corporations and from a corporation to another corporation; and The corporation does not receive income by reason of those transfers. Form 1120-SF must be used when income is earned and not by reason of an election to treat income as ordinary income or to take a deduction for federal income, social security, Medicare, or Medicaid taxes. Form 1120-SF is required for a transfer of any property from a corporation to a person other than a foreign corporation. If a corporation transfers all or substantially all of its property to a partnership or limited liability company and both are domestic corporations, Form 1120-SF is also required for such transfers under the terms and provisions of the partnership or limited liability company partnership agreement. The Minnesota Statutes 169.089(6)(h), 169.090(2), and 169.092(4) apply for any transfer to a domestic corporation or to a partnership or limited liability company and all partnerships and limited liability companies. Form 1120-SF is used by a person that is a domestic corporation or by a partnership or limited liability company partnership agreement when the person receives, directly or indirectly, property from a foreign corporation or a partnership or limited liability company, unless the following provisions apply: Form 1120-SF must be used and relied on solely for the income or loss that results from the transfer of property (such as, but not limited to, any property in a foreign partnership). Form 1120-SF is not required for the receipt, retention, or disposition of a noncapital gain on real property that the person actually acquires that has not entered into tax treaty provisions with the United States.
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