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C
cls5289-live-com
Level 2
March 13, 2022
Question

When filling out an 1120S for an LLC with an s corp election, how do I respond to questions about stock ownership (i.e. shares owned)?

  • March 13, 2022
  • 2 replies
  • 13 views
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2 replies

George4Tacks
George4Tacks
Level 15
March 13, 2022

zero shares = zero ownership, so I guess the S-Corp will have to pay tax on all it's income. 

I know this seems simplistic, but ...

Answers are easy. Questions are hard!
sjrcpa
sjrcpa
Level 15
March 13, 2022

If they have units use those.

Otherwise make it up.

For a small number of owners I will say there are 100 shares. 50% owners A & B each own 50.

The more I know the more I don’t know.
    C
    cls5289-live-comAuthor
    Level 2
    March 14, 2022

    Thanks sjrcpa.  That is pretty much what I decided to do.  I found an article by a cpa firm that said the same kind of thing but I always feel better with a second confirmation!

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