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TimO
Level 2
April 7, 2024
Question

Clients do not wish to use the weighted average to allocate income of in the year of S Corp shares. How do you enter the actual amounts as of sale date?

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2 replies

dascpa
dascpa
Level 11
April 7, 2024

There are two methods when a S corp shareholder leaves. The weighted average you mention or close-of-books as of that date.  In that case you will need to use special allocations in the K-1 worksheet to force proper info.

    TimOAuthor
    Level 2
    April 7, 2024

    Thanks so much for your reply.  I was able to figure it out.

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