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- Wed Sep 10, 2008 11:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: LLC Pass through Income treatment?
- Replies: 1
- Views: 1715
CRA disregards flow-thru status of LLC's, and thus does not tax the flow thru income on the K-1. However, they will tax any distributions shown on the K-1 as dividends. As you can see, this will result in "mis-timed" foreign tax credits on the T1 and your 1040. The US return taxes you on t...