Election to Split Tax Year for 1120-S in Year of One Shareholder Selling Out - Irc section 1377(a)(2) election

Forum|Forum|5 years ago
February 6, 2021
5 replies
34 views

Can anyone with experience in this area tell me how they inputted the two separate tax years into the program? Is there a form somewhere to split the income out? The only help I've been able to find on Intuit's website is to override the amounts on the K-1's.

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dascpa

Level 11

You are not splitting the tax return. The income is still reported for the entire year, but on the K-1 instead of using a weighted-average allocation for the year you are using an actual allocation.

D

dbrommcpaAuthor

Level 2

Thank you for your answer! How do you get the program to split it based on the actual percentages though? We do understand that we want to do that but don't know how to get the income to show up on the K-1's the way it should unless we physically override the numbers on the K-1.

sjrcpa

Level 15

Are you trying to do a cut off the books allocation?

Or a per share per day allocation?

The more I know the more I don’t know.

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