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

Can I allocate 9 months of income and expenses to one shareholder and then allocate 3 months of income and expenses to 2 new shareholders on the form 1120S?

heflintax
Level 1
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

2 Comments 2
George4Tacks
Level 15
Sure you can.

Answers are easy. Questions are hard!
dkh
Level 15

Start with the Schedule K-1 worksheet enter #of shares beginning of year/end of year.    If you're doing the actual income for 9 months/3 months ProSeries doesn't have a method for entering this information.  It will do a Weighted Average.