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Attorney T. Scott Tufts (Board Certified Tax Lawyer with Florida Bar) will discuss how a recent state court case (Joseph C v NJ DOR) discusses “phantom income” on the final K-1 form issued to a member of an LLC, restoring a negative capital account with no DRO, and how even if it was taxable at the Federal level, it might not be taxable under the laws of the particular state (in this case, New Jersey).

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