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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I filling in Form 2553. I dont know what to answer to

Resolved Question:

I filling in Form 2553. I don't know what to answer to the following point: Part III Qualified Subchapter S Trust. Who's the income beneficiary's? Who's the Trust's name??? I just opened my corporation and I'm the sole owner. In the shares ownership I have myself as 100%, is this correct? What is the Shareholder's tax year ends? I elected the election to be effective 8/1/2008 and I selected tax year as calendar year. Is it correct? I incorporated last 6/6/2008.
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

You do not have to fill in Part III if this is a new corporation formed by you and you own it 100% personally.

Your tax year end will be 12/31

Your ownership percentage wil be 100%.


Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD and 3 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
Thanks a lot for your prompt answer.

The company tax year will be 12/31 as well as mine?
Customer: replied 8 years ago.
Should I fill in PART II as well?
Expert:  RD replied 8 years ago.

Yes, the company tax year will be 12/31 and your's too.

Part II - you will only select 1 under O para - which is

A new corporation adopting the tax year entered in item F, part I

You will leave the rest blank.


Customer: replied 8 years ago.
Ok. Thank you very much for your help.

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