pashurservices
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09-13-2021
03:27 PM
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Client is a sole proprietor of Business X. Business X is a partner of business Y. Business Y filed taxes on 1065 and handed Business X a K-1. Since business x is a sole proprietorship and not set up a S-corp taxes must be filed on schedule C of owner tax return. Where should K-1 be reported for Business X? As gross receipt or income on schedule C? Or should it be added on Schedule E?
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