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Nevertheless, to encourage existing partnerships to change their tax years to conform to the final regulations, Treasury and the IRS have retained the Temp.
Partnerships who wish to conform also get transitional relief in the form of a four-year spread on income "bunched up" by these rules.
529 plan withdrawals will no longer be taxable for California income tax purposes, which conforms to the federal change.
However, amended returns would have to be filed and adjustments made if the legislature decides not to conform, the department advised.
AB 1016 is a simple bill that conforms California law to the changes made in federal law when Congress passed the 1998 IRS Restructuring and Reform Act.
Legislation enacted during 1997(5) permits the formation of SMLLCs and requires the DOR to conform to the Federal tax classification of multi-member LLCs, but classifies an SMLLC as a partnership.