NY Tribunal Disallows Broker-Dealer Sourcing for Receipts from a Disregarded LLC
Our State & Local Tax Team discusses a decision from the New York Tax Appeals Tribunal that holds that a single member of a broker-dealer is not entitled to use broker-dealer sourcing in NY.
Decision impacts millions at stake for NY taxpayers
Taxpayers relied on prior guidance from the NY Division of Taxation
The Tribunal reverses a widespread view on disregarded LLCs
Read the full advisory here. [...]Read more