I am filing an 1120S, which files in two states, CA & GA. Corp was established in GA, and owns rental property. GA Income consists of Rental income and depreciation.
CA income consist of Commissions earned as an agent. How do I allocate the income for the two different states and how do I allocate the balance sheet.
I just want to get some clarity on this, please: "CA income consist of Commissions earned as an agent."
The Employee(s) of the corporation are Agents and get paid through payroll. The S Corp is an Agency, then? And also has Rental income? It's unusual for an S Corp to hold real property, and especially as rentals.
"Level Up" is a gaming function, not a real life function.
of course, the Shareholder is a real estate agent who earned commissions in CA and had it paid under the GA S-corporation.
I agree, I wouldn't have had it set up like that either, but it was established as such prior to moving to CA.