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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Sub S K1 income for close the book election
Sub S K1 income for close the book election
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SES
Level 2
02-20-2022
04:03 PM
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My clients have made a close the book election for a Sub S corporation. The only allocation entry I can find is for a weighted average allocation, which is not proper in this circumstance. Where can I enter the specific income and distribution information for each partner? There seems to be a place to put the allocation codes on the Individual K-1's, but now where to assign the amounts or percentages for the allocations.
Thanks,
Susan
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