Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

When filling out an 1120S for an LLC with an s corp election, how do I respond to questions about stock ownership (i.e. shares owned)?

 
0 Cheers
3 Comments 3
George4Tacks
Level 15

zero shares = zero ownership, so I guess the S-Corp will have to pay tax on all it's income. 

I know this seems simplistic, but ...


Answers are easy. Questions are hard!
0 Cheers
sjrcpa
Level 15

If they have units use those.

Otherwise make it up.

For a small number of owners I will say there are 100 shares. 50% owners A & B each own 50.

The more I know, the more I don't know.

Thanks sjrcpa.  That is pretty much what I decided to do.  I found an article by a cpa firm that said the same kind of thing but I always feel better with a second confirmation!

0 Cheers