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C
csanchez
Level 5
March 16, 2021
Question

S-Corp Partner Buyout

  • March 16, 2021
  • 3 replies
  • 15 views

S- Corp, 2 partners 50/50. One buys out the other effective 06/30/20. I entered info on Ownership Percentage Worksheet. It indicates that the amounts will be allocated for the whole year 25/75 with the final k-1 for the partner bought out. Is this accurate? Any guidance is appreciated.

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3 replies

sjrcpa
sjrcpa
Level 15
March 16, 2021

Yes per share per day allocation applies unless they made an election to cut off the books.

The more I know the more I don’t know.
    C
    csanchezAuthor
    Level 5
    March 16, 2021

    Thank you. I will check with my client.

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