New York City’s Broker-Dealer Sourcing Guidance Raises More Questions, Practitioners Say

Alysse McLoughlin objected to the treatment of disregarded entities in New York City’s new limits on entities under the broker and dealer receipts sourcing rules, saying that it “seems to be in complete contradiction of the city’s long-standing position concerning the treatment of single-member LLCs” – namely, that if such an entity is disregarded for federal purposes, it is also disregarded for New York state corporate and unincorporated business tax purposes.