Pass-through entity representative.

(a)#

Each pass-through entity shall designate, in the manner prescribed by the department, a pass-through member or other person with substantial presence in the United States as the representative of the pass-through entity. In the case in which such designation is not in effect, the pass-through entity shall appoint a representative within 60 days following a written request by the department. If the pass-through entity fails to appoint a representative following a written request by the department, the department may designate a representative and notify the pass-through entity, or the beneficiaries in the case of a closed estate or trust, in writing of the designation. The pass-through entity may at any time provide a written statement to the department designating a new representative and the department shall accept the designation if the statement is signed by an authorized agent of the pass-through entity. The representative designated by a pass-through entity under this paragraph may be different than the pass-through entity’s federal representative or authorized agent.

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Pass-through entity representative.

Official source

(a)#

Each pass-through entity shall designate, in the manner prescribed by the department, a pass-through member or other person with substantial presence in the United States as the representative of the pass-through entity. In the case in which such designation is not in effect, the pass-through entity shall appoint a representative within 60 days following a written request by the department. If the pass-through entity fails to appoint a representative following a written request by the department, the department may designate a representative and notify the pass-through entity, or the beneficiaries in the case of a closed estate or trust, in writing of the designation. The pass-through entity may at any time provide a written statement to the department designating a new representative and the department shall accept the designation if the statement is signed by an authorized agent of the pass-through entity. The representative designated by a pass-through entity under this paragraph may be different than the pass-through entity’s federal representative or authorized agent.

(b)#

The representative designated under par. (a) shall have the power and duty to do all of the following: 1. Act as the sole authority on behalf of the pass-through entity and its pass-through members with respect to a determination under s. 71.745. 2. Provide the department sufficient information to identify each pass-through member and the capital, profits, and loss interest of each pass-through member. 3. Enter into extension agreements on behalf of the pass-through entity under s. 71.77 (5). 4. Receive notices of pass-through entity adjustments under this chapter. 5. Notify all pass-through members of their share of corrections and adjustments made to pass-through items within 60 days after a determination under s. 71.745 becomes final or after receipt of notice of approval under s. 71.76 (2) (b). 6. File appeals of notices of pass-through entity adjustments under this chapter. 7. Enter into settlement agreements and bind pass-through members to adjustments relating to pass-through items.

(b)(1)#

Act as the sole authority on behalf of the pass-through entity and its pass-through members with respect to a determination under s. 71.745.

(b)(2)#

Provide the department sufficient information to identify each pass-through member and the capital, profits, and loss interest of each pass-through member.

(b)(3)#

Enter into extension agreements on behalf of the pass-through entity under s. 71.77 (5).

(b)(4)#

Receive notices of pass-through entity adjustments under this chapter.

(b)(5)#

Notify all pass-through members of their share of corrections and adjustments made to pass-through items within 60 days after a determination under s. 71.745 becomes final or after receipt of notice of approval under s. 71.76 (2) (b).

(b)(6)#

File appeals of notices of pass-through entity adjustments under this chapter.

(b)(7)#

Enter into settlement agreements and bind pass-through members to adjustments relating to pass-through items.

(c)#

The representative designated under par. (a) may delegate the powers and duties under par. (b) to an authorized agent of the pass-through entity.