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On the K-1 worksheet where I enter partner information, I've checked the "Corporation" box as well as the "Foreign" box. They are electing out of the centralized partnership audit regime. On the Schedule B-2, listing the electing partners, it should be shown as an "Eligible Foreign Entity." But ProSeries shows it as a Corporation, and when I change it, it shows an override.
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They are not eligible to elect out of the Centralized Partnership regime because they have a corporate partner.
The more I know the more I don’t know.
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Actually, that's not true. Eligible partners are individuals, corporations, estates, eligible foreign entities (which include foreign corporations, the source of my original questions), and S corporations.
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Sorry about that. None of mine can elect out bc they have trust owners.
The more I know the more I don’t know.
