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Form Instructions 1120-S online Bexar Texas: What You Should Know

Texas Franchise Tax — Texas Taxation Code — 6.04 (1) Except as provided in Subsections (2)(A)(ii) and (2)(B)(ii), the Texas Franchise Tax applies equally to all taxable entities and to any taxable entity with a tax rate equal to or less than that provided in Subsection (2). (2) Any taxable entity with a tax rate greater than the tax in subsection (1) may be exempt from the amount of the tax imposed by Subsection (1). A corporation has priority over a partnership to file a return on a schedule other than that listed in Subsection (5) with respect to a taxation year in which the amount of the corporation's or partnership's combined gross income for the tax year exceeds a threshold amount, but the partnership and partnership with a combined gross income above that threshold may file a return and pay the taxes provided by Subsection (1) with respect to its total combined gross income for the tax year. The amount of the exemption provided under the partnership exemption provided by Subsection (5) shall apply as of the taxable year for which the partnership exemptions apply together with any deferred tax liability imposed and assessed for the first taxable year for which subsection (5) applies. A corporation has priority over a partnership to file a return on a schedule filed on its own schedule with respect to a taxation year in which the corporation has a balance to be paid over (a) a certain amount determined under this subsection, or (b) the same amount as an amount determined under Subsection (6) if an item of gross income of any partner, or other person specified under Section 851(a) of the Internal Revenue Code, exceeds the amount specified in subsection (6). For the purposes of this subdivision (a), this subparagraph shall not affect whether a partnership or any other partnership with which that partnership is affiliated to which the corporation is related has priority to claim the partner exemption or credits. A partnership has priority to file a return with respect to a taxation year and pay the tax imposed by Subsection (6) and all tax due under Section 6.

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