fjkcpa
Level 2
‎12-07-2019 01:13 AM
How to override the automatic allocation in an 1120S to all shareholders (members) when the Sec 179 recapture on dispsition of assets should only go to one shareholder?
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TaxGuyBill
Level 15
‎12-07-2019 01:13 AM
Can you clarify why it should all go to only one shareholder?
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fjkcpa
Level 2
‎12-07-2019 01:13 AM
Assets purchased when it was a single member LLC.
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sjrcpa
Level 15
‎12-07-2019 01:13 AM
It doesn't matter now.

Ex-AllStar
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George4Tacks
Level 15
‎12-07-2019 01:13 AM

I could not find for Lacerte, but I assume the same applies https://accountants-community.intuit.com/articles/1609957-1120s-special-allocations


Here's wishing you many Happy Returns

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