Hi all,
I am preparing a 2017 Partnership with the following facts:
-Company A is owned 100% by an Individual
-Company A owns 75% of Company B
I am attempting to prepare schedule B-1 for company B. Part 1 is easy. For Entities owning 50% or more of the partnership, I show Company A owning 75% of Company B.
Part II is where I'm having an issue. Since an individual owns 100% of Company A, he therefore also owns 75% of company B. Am I required to list the individual as owning 75% of company B on Part II of Schedule B-1?
I reviewed the instructions form Sch B-1 and there are very limited, and don't answer this particular question.
Thanks in advance for any guidance.