Question
K-2 and K-3 1120S
Hi,
I have an s corporation with foreign income from acting services. the corporation has no foreign branch. say gross income from all sources is 1,000,000, expenses from all sources are 750,000, foreign income is 250,000 and foreign expense are 187,500. where do I enter these amounts on K2 and K3 and what amounts do I enter? I am looking in Part II Section 1 and Section 2., but once I know how to complete section 1, section 2 will be the same.
Is the US source amount just the 750,000 that is not foreign and if so, the foreign 250,000 would go in what column?
Thanks, Michael
