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- After change of ownership. how to enter total income was calculated through the year for the old ownership k-1s? since the new ownership did not make any profit till the end of the tax year
After change of ownership. how to enter total income was calculated through the year for the old ownership k-1s? since the new ownership did not make any profit till the end of the tax year
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TaxPrep1
Level 2
09-11-2022
09:21 PM
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In 2021 Jan-Nov ownership was 50% for each (Partner 1 and Partner 2) total income calculated was 200K, in Dec 1st 2021, partner 2 sold 50% of his shares to a new partner so by the end of the year the ownership was (partner 1 (50%) + partner 2 (25%) + partner 3 (25%))
After entering the data in change of ownership smart worksheet and and the period of ownership in ProSeries, the profit in k-1s (partner 1 (100K) + partner 2 (50K) + partner 3 (50K))
In fact partner 3, after changing the ownership made Zero income since the 200K was made in Jan-Nov that year. and he does not need to pay income tax.
I override box 1 in each k-1 to (partner 1 (100K) + partner 2 (100K) + partner 3 (0K)) but it's showing me in read, is that the right way to do it?, or is there any other way to do the entry?
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