shatcher
Level 2
02-23-2022
07:38 PM
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How do I enter the change of ownership in an S Corporation on Proseries Professional? The ownership percentages changed twice during the year, and the old/new owners want specific allocation (no weighted average) of income for the periods of ownership. Where can I record the exact income to reflect on the K-1s? I know the exact amounts per the accounting records, I just don't know how to enter on Proseries. Thanks!
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dkh
Level 15
02-23-2022
08:16 PM
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Unfortunately, the program doesn't provide a method for this, you will have to override the K1 entries.
dkh
Level 15
02-23-2022
08:22 PM
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You will have to override the dates of ownership at top of K1s too. Don't forget the Sec 1377 election.
shatcher
Level 2
02-23-2022
08:35 PM
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Thank you! That's what I was afraid of!
dkh
Level 15
02-23-2022
09:15 PM
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You are welcome.