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Tomcpa04
Level 2
08-01-2021
03:20 PM
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I'm not that familiar with Michigan taxes but I have a new client that sold their entire interest in a PTP and has the following passive Income (loss) from this activity for 2020: Ordinary Income (loss) (6,718) Sec 231 Loss of (161) and Ordinary Gain on form 4797 of 17,580 for a net gain of $10,701. The PTP does not have operations in Michigan. I see that Michigan allows a deduction for Net Business Income earned in Other States. My question is since all this income is from a paasive activity is the total $10,701 a deduction on their Michigan return?
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