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M
MP42_2
Level 2
October 10, 2024
Question

I need to do a closing of the books for an S Corp.

  • October 10, 2024
  • 1 reply
  • 11 views

IRC 1377(a)(2) election is included in program, but in Proseries how do you treat the tax year as if it consisted of two separate tax years?

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1 reply

sjrcpa
sjrcpa
Level 15
October 11, 2024

Probably the way you do it in Lacerte. Override every single line on the K-1s using the numbers you used for the "two years" in the spreadsheet you created.

The more I know the more I don’t know.
    M
    MP42_2Author
    Level 2
    October 11, 2024

    Thanks, that is what I was thinking also.

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