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Level 5
February 3, 2021
Solved

Form 1120 Sch G - Person own corporation voting stocks

  • February 3, 2021
  • 1 reply
  • 9 views

Client is a C-corporation.  There are 3 shareholders.  Husband and wife own 45% each and their daughter owns 10%.

In Sch G, do we need to report daughter's ownership?

If yes, do we report 10% or?

 

Thanks.

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Best answer by George4Tacks

Yes. 10%

https://www.law.cornell.edu/cfr/text/26/1.267(c)-1

 

1 reply

George4Tacks
Level 15
February 3, 2021
Answers are easy. Questions are hard!