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A Spanish company asks whether it must account for and tax its share in a US LLC. The DGT confirms that the LLC's income must be included in the taxable base and explains how to avoid double taxation through the Spain-US double taxation treaty.
Question raised 1. Whether the requesting company should record in its Balance Sheet and Profit and Loss Account the balances corresponding to its participation in said LLC and declare them in the Corporate Income Tax.
Income derived from the LLC must be included in the tax base of the requesting company, pursuant to Article 4.1 of the LIS. To avoid double taxation with the USA, the Convention concluded between both countries shall apply, allowing deductions in accordance with the rules of said treaty. No ruling can be issued on accounting matters as they do not fall within the jurisdiction of the DGT.
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