Section 48-7-24 - Nonresident members of resident partnerships; resident members of nonresident partnerships; profits; distributive shares; taxability(a) When one or more of the individual members of a partnership doing business in this state are nonresidents of this state, the nonresidents shall be taxable on their share of the net profits of the partnership.(b) When one or more of the individual members of a partnership doing business outside this state are residents of this state, the residents shall include in their individual returns their distributable share, whether distributed or not, of the net income of the partnership for the taxable year.(c) Notwithstanding any other provision of this chapter to the contrary, the distributive share of a nonresident member of a resident limited partnership or other similar nontaxable entity which derives income exclusively from buying, selling, dealing in, and holding securities on its own behalf and not as a broker shall not constitute taxable income under this chapter. For purposes of this subsection, a resident limited partnership or similar nontaxable entity shall not include a family limited partnership or similar nontaxable entity the majority interest of which is owned by one or more natural or naturalized citizens related to each other within the fourth degree of reckoning according to the laws of descent and distribution. This subsection shall not apply to a person that participates in the management of the resident limited partnership or other similar nontaxable entity or that is engaged in a unitary business with another person that participates in the management of the resident limited partnership or other similar nontaxable entity.(d) This Code section shall not apply to the partners of an electing partnership as defined in paragraph (1) of subsection (b) of Code Section 48-7-23.Amended by 2022 Ga. Laws 782,§ 48, eff. 5/2/2022.Amended by 2021 Ga. Laws 164,§ 3, eff. 5/4/2021.Amended by 2005 Ga. Laws 31,§ 12, eff. 4/12/2005.