ERC Aggregation

Technical topics regarding tax preparation.
#1
kathyt  
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21-Apr-2014 7:42am
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Lake Charles, LA
I have a client that has 3 businesses - in all 3 corporations one brother owns 80% the other brother owns 20%. So for ERC I believe I have to aggregate - first off am I correct that this is not a choice - you must do it?

If so - this is my situation. Business one qualifies for 3 quarters in 2020 easily.
Business 2 closed down in August of 2020. However it was a new business - it was not open at all in 2019 to have anything to compare to.
Business 3 was sold in August of 2020 - it was open all of 2019 but only Jan-Aug of 2020. This was an asset sale - not sale of the actual corp.

I was not planning on doing ERC on the other 2 businesses, I didn't even think about the aggregation until just now. So - second question - can you do it on a business that is no longer in operation?

With the 3 businesses combined there are still less than 100 employees - but as far as the gross receipts - what do I do with the business that did was not open in 2019?
 

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