Montana § 15-31-162 - Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income
Full text of Montana Montana Code Annotated § 15-31-162 — Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income, with citation guidance and answers to common questions.
§ 15-31-162. Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income
Small business corporation, partnership, and limited liability company credit for contribution to qualified endowment -- recapture of credit -- deduction included as income. (1) A contribution to a qualified endowment, as defined in 15-30-2327 , by a small business corporation, as defined in 15-30-3301 , a partnership, or a limited liability company, as defined in 35-8-102 , carrying on any trade or business for which deductions would be allowed under section 162 of the Internal Revenue Code, 26 U.S.C. 162, or carrying on any rental activity qualifies for the credit provided in 15-31-161 . The credit must be attributed to shareholders, partners, or members of a limited liability company in the same proportion used to report the corporation's, partnership's, or limited liability company's income or loss for Montana income tax purposes. The maximum credit that a shareholder of a small business corporation, a partner of a partnership, or a member of a limited liability company may claim in a year is $15,000. The credit allowed under this section may not exceed the taxpayer's income tax liability. There is no carryback or carryforward of the credit permitted under this section, and the credit must be applied to the tax year in which the contribution is made. (2) (a) If during any tax year a charitable gift is recovered by the small business corporation, partnership, or limited liability company, the entity shall include as income the amount deducted in any prior year that is attributable to the charitable gift. (b) In the tax year that a charitable gift is recovered, each shareholder, partner, or member shall increase the amount of tax due under 15-30-2103 or 15-31-101 by the amount of the credit allowed in the tax year in which the credit was taken.
Source: official Montana text · Last verified 2026-08-27
Frequently Asked Questions About Montana § 15-31-162
What does Montana Code Annotated § 15-31-162 cover?
Section 15-31-162 ("Small Business Corporation, Partnership, And Limited Liability Company Credit For Contribution To Qualified Endowment -- Recapture Of Credit -- Deduction Included As Income") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 15-31-162?
A common citation format is "Montana Code Annotated § 15-31-162" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 15-31-162 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.