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taxprepper
Level 3
March 4, 2021

Sch. K-1, Item G - Number of Shares for SMLLC taxed as S-Corp

  • March 4, 2021
  • 1 reply
  • 5 views

This item is new for 2020.

The underlying LLC is a single-member LLC with no shares issued/authorized. Is 0 an acceptable number? What if I leave it blank? 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 4, 2021

    Somewhere I read that for an LLC, use units.

    If there are no units, make up a number  - 100 or 1,000.

    I don't think you'll be able to efile with zero or blank but you can try.

    The more I know the more I don’t know.
      T
      taxprepperAuthor
      Level 3
      March 4, 2021

      I had that thought too, but I'd be concerned if the client actually incorporated the LLC at some point and issues shares.

      Would it be okay to change the number of shares on subsequent K-1s?

      sjrcpa
      sjrcpa
      Level 15
      March 4, 2021

      Sure.

      The more I know the more I don’t know.
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