When the initial Form 1120 was filed with Schedule G, my client failed to state that he held 50% stock and another individual held the remaining 50% stock. Do I need to amend the return using Form 1120X? The initial filing had no income, no deductions, and no taxable income. There were no tax payments. Part I does not apply. Part II is used to explain Part I changes.
What would be the correct way to address so that both individuals are listed as stockholders with 50% stock?
Well, in his defense, sometimes it's really hard to remember if you own all of a business or only half.
But I will vote with Susan ---------- the IRS really doesn't want to mess with an amended return that doesn't change the bottom line.
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