Form 1120-F - Schedule M-1 & M-2 for Franklin Ohio 2024-2025

Form 1120-F - Schedule M-1 & M-2 for Franklin Ohio: What You Should Know

Division (F)(1) of this section does not apply to a real estate broker or agent who receives a commission when (a) the brokerage or agent solicits prospective buyers or sellers from the public by means of any means or (b) prospective buyers or sellers are invited to the brokerage or agent's place of business for the purpose of completing a purchase, sale or lease contract. (3) Division (F)(1) of this section applies to commission received from the sale of real property subject to the state's sales and use tax if the commission is received on the real estate's actual sale for a gross amount exceeding three hundred thousand dollars and is at least twenty-one percent of the gross amount of the sale. If division (F)(1)(a) of this section does not apply to a real estate broker's or an agent's commission, division (F)(1)(b) of this section applies. (F)(4) The commission described in division (F)(3) of this section is not subject to tax if the commission is paid for a bona fide business expense of the broker or agent for purposes of the broker's or agent's employment with the seller or lessee of the real property. The term “bona fide business expense” means an expense which is not required by law, or which is not a reasonable capitalized cost, and which in the opinion of the board, is directly related to the business of the licensed real estate broker, real estate agent, or real estate representative. (G) Except as provided in division (G)(7) of this section and except as provided in division (C)(7) of this section, if a real estate broker is convicted of a violation of section 4511.11 of the Revised Code or of a less severe municipal ordinance related to real estate broker licensure, the real estate broker's attorney is personally liable to the real estate broker for a civil penalty of two hundred dollars if the real estate broker has received a commission when the broker solicits prospective buyers of real property from the public by means of any means, or has solicited prospective buyers of real property from the public by any means, and the commission has been received for a gross amount exceeding three hundred thousand dollars and is at least twenty-one percent of the gross amount of the sale.

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