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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15603
Experience:  15years with H & R Block. Divisional leader, Instructor
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Can you transfer a payment from an 1120 qorporation to a 1120

Customer Question

can you transfer a payment from an 1120 qorporation to a 1120 s corporation
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.
Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
If you are asking if an S corp can assume a payment that was intended for and paid to C corp then no. The C corp could in turn pay an S corp if the S corp performed services for the C corp that generated the payment.
The C corp would report the income but claim the expense. In this way the C corp would not be paying tax on the payment.
Expert:  Robin D. replied 2 years ago.
Please advise if you need more info.