Technical topics regarding tax preparation.
31-Jan-2020 3:33pm
- Posts:
- 619
- Joined:
- 25-Apr-2014 2:11pm
- Location:
- New York
I am working on Form 1065. Father and two sons own an LLC equally, so 1/3 each. My questions are as follows:
Since they are each deemed to own the shares of the other two members under the constructive ownership rules, Schedule B, question 2b should be answered yes, and each member should be listed on Schedule B-1 reflecting 100% ownership. Is that correct? That seems to be what the form calls for, but I find it strange that the form is reflecting 300% ownership in total.
Schedule B, Q25, Designation of Partnership Representative. I am leaving that blank, and the form still qualifies for electronic filing. So I guess it is OK?
31-Jan-2020 3:49pm
- Posts:
- 6043
- Joined:
- 21-Apr-2014 9:31am
- Location:
- Western 'burbs of Chicago
Deleted. I spoke of what I did not know.
Last edited by
JR1 on 1-Feb-2020 11:29am, edited 1 time in total.
31-Jan-2020 3:55pm
- Posts:
- 6041
- Joined:
- 22-Apr-2014 3:06pm
- Location:
- WA State
For purposes of Sch B-1, each will properly show 100% as you proposed.
If you're electing out of CPAR, then you may leave the Partnership Representative fields blank.
~Captcook
31-Jan-2020 8:11pm
- Posts:
- 5
- Joined:
- 23-Jan-2020 8:21pm
- Location:
- California
Sch B-1 is strange in that the total can be greater than 100%. CaptCook is correct, 100% each.
Return to Taxation
Who is online
Users browsing this forum: exao, Google Adsense [Bot], HowardS, JoJoCPA, JR1, lckent, ManVsTax, MAPCPA60, msmith7305, sjrcpa, SumwunLost, SUSAN, Terry Oraha, Treetopclimes and 221 guests