Form 1065

Technical topics regarding tax preparation.
#1
supdat  
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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?
 

#2
JR1  
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Deleted. I spoke of what I did not know.
Last edited by JR1 on 1-Feb-2020 11:29am, edited 1 time in total.
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Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011.
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#3
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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
 

#4
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Sch B-1 is strange in that the total can be greater than 100%. CaptCook is correct, 100% each.
 


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