California FTB Releases Form 3574, Special Selection for Business Trusts, Certain Foreign Single Member LLCs

The California Franchise Tax Board Dec. 1 released Form 3574, Special Selection for Business Trusts and Certain Foreign Single Member LLCs, for corporate income, individual income, or trust income tax purposes. Entities must use the form to elect treatment as: 1) an existing eligible business trust electing to be classified as a partnership; or 2) a previously existing foreign single member limited liability company electing to be classified as a disregarded entity. [Cal. Franchise Tax Bd., Form 3574, 12/01/19]

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