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- On 1065, one partner is a foreign corporation. On Schedule B-2, how do I show it as a, eligible foreign entity?
On 1065, one partner is a foreign corporation. On Schedule B-2, how do I show it as a, eligible foreign entity?
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rick-hunter
Level 3
02-27-2022
05:32 PM
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On the K-1 worksheet where I enter partner information, I've checked the "Corporation" box as well as the "Foreign" box. They are electing out of the centralized partnership audit regime. On the Schedule B-2, listing the electing partners, it should be shown as an "Eligible Foreign Entity." But ProSeries shows it as a Corporation, and when I change it, it shows an override.
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rick-hunter
Level 3
03-01-2022
08:01 PM
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Actually, that's not true. Eligible partners are individuals, corporations, estates, eligible foreign entities (which include foreign corporations, the source of my original questions), and S corporations.
sjrcpa
Level 15
03-01-2022
08:26 PM
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Sorry about that. None of mine can elect out bc they have trust owners.
The more I know, the more I don't know.
