puerto rico partnership tax return


Who must file a tax return in Puerto Rico?

    WHO MUST FILE THIS RETURN? Every partnership, corporation or limited liability company engaged in tradeor business in Puerto Rico that has a Partnership, Special Partnership orCorporation of Individuals election currently in effect must file a return toreport the income earned during the corresponding taxable year.

What forms can a partnership complete in Puerto Rico?

    OTHER FORMS If it is a partnership owned by more than one nonresident individualpartner which only income from Puerto Rico source comes from itsdistributable share in a partnership engaged in industry or business inPuerto Rico, the partnership can complete Form 482.0(C).

Can a net loss be deducted from taxable income in Puerto Rico?

    On the other hand, once the exemption period for income tax purposes isexpired (10 years), the net losses incurred being carried over as of theexpiration date of said period, may be deducted from any taxable income inPuerto Rico, subject to the limitations provided by the Code.

Can a corporation be terminated in Puerto Rico?

    Section 1115.02 of the Code requires that at least 90% of the gross incomegenerated by a corporation of individuals is derived from the conduct of atrade or business in Puerto Rico. A termination to that effect will be effectiveon the first day of the taxable year in which the corporation does not meetthis requirement.
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