MIKE PETERSEN
Level 1
08-20-2020
04:39 PM
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Please help. I have an partnership with a 2% interest in a SCorp. where do i enter it on the 1065?
TaxGuyBill
Level 15
08-20-2020
05:00 PM
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Maybe I'm misunderstanding your situation, but it seems like the corporation is now a C-corporation.
If a Partnership is a shareholder of the corporation, that invalidates that S-election. A S-corporation can not have a Partnership as a shareholder.
If that is your situation, your client really needs to talk to whoever is doing the corporate return.
If I'm misunderstanding your situation, please give additional details.
MIKE PETERSEN
Level 1
08-21-2020
09:05 AM
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Thanks for the response. The client owns the stock personally they just filled out the information sheet incorrectly with the name of another entity.