Greta
Level 9
02-07-2022
06:25 AM
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Father and son had 1%-99% partnership. Father dropped out. But son continued with the (hefty) business. He didn't change the PTR organization, and I had a lot of depreciation & info already entered on Form 1065. So to keep the software working, since the year was already over, I gave son two K-1s, for 99% and 1%. Should I force him to turn it into an S-corporation or Sch C in the future?
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