Have access to Westlaw's database (entire title 26 of the US code - that's te Internal Revenue Code, all state statutes, all secondary sources and treatises) along with the entire Case law fo all courts; state, federal, tax and supreme ... How can I help?
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I still don't see you coming into the chat here ... I'll move us to the "question and answer" mode ... Maybe that will help ... (We can still continue our dialogue there, just not n real time as we can here in "live answer" chat)
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Married couple owns 100% of an S Corporation as Tenancy by the Entireties. K1 issued to husband under his SSN. They choose to file Married Separately. How is the income reported1. 100% Husband?2. 50/50?3. Can they choose whose return it goes on?Thank youLarry Slivinski
Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.
The actual stock ownership in the S Corporation will dictate whose return the K-1 gets reflected on. There is not an option to split it if the stock is in one name. If the stock is owned jointly then, on a separate return the name and Social Security number appearing first will dictate.
I was just out myself and answered you via the iPhone..
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