Question: True or False : A foreign corporation that does not have nexus with NYS/NYC is a limited partner in a partnership that has nexus with

True or False :

A foreign corporation that does not have nexus with NYS/NYC is a limited partner in a partnership that has nexus with NYS/NYC. The foreign corporation owns .08% interest in the partnership and its basis in the partnership is $500,000. The president of the foreign corporation is a general partner in the same partnership. The foreign corporation has nexus with NYS/NYC.

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