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True or False A foreign corporation that does not have nexus with NYS/NYC is a limited...

True or False

A foreign corporation that does not have nexus with NYS/NYC is a limited partner in a partnership that has nexus with NYS/NYC. The foreign corporation owns .08% interest in the partnership and its basis in the partnership is $500,000. The foreign corporation has NY receipts of $450,000.00 and the partnership has NY receipts of $550,000.00. The foreign corporation has nexus with NYS/NYC.

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Answer #1

Answer :- False

A foreign corporation that does not have nexus with NYS/NYC is a limited partner in a partnership that has nexus with NYS/NYC. The foreign corporation owns .08% interest in the partnership and its basis in the partnership is $500,000. The foreign corporation has NY receipts of $450,000.00 and the partnership has NY receipts of $550,000.00. The foreign corporation has nexus with NYS/NYC is a False Statement. A corporation, trust, or estate is not a partnership although it may be a partner or member of a partnership.So The foreign corporation has not nexus with NYS/NYC.

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