Hi All,
My understanding is that the expense deduction for the PTET payment is allocated only among the equity partners; it is part of Line 1 ordinary income on the K-1.
The actual PTET credit is allocated among all the partners.
All partners will also have an add back to income equal to the amount of their credit on their IT-201, reported on IT-225.
Is this correct? Please comment.
Debbie
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Deborah J. Zelen, CPA
917-923-5331
debbie@djzcpa.com------------------------------