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I have an LLC taxes as an S corp. there were 2 owners at the…

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I have an LLC...

I have an LLC taxes as an S corp. there were 2 owners at the beginning of the year and 2 entered mid-year. Is there a way to allocate the income in 2 segments according to the days of ownership?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

LLC taxes as S corp. 2 owners 1/1- 7/12/15. 2 additional members entered the LLC on 7/13/15. We would like to allocated the income and expense for the period 7/1-7/12/15 to the original members and the income and expense from 7/13-12/31-15 to the 4 members.

Submitted: 2 years ago.Category: Tax
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Answered in 32 minutes by:
3/4/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,984
Experience: Taxes, Immigration, Labor Relations
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Correct - all items reported on K1 must be allocated not only according to number of shares - but also according to the time shares were owned.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

If S-corporation received its income evenly throughout the year - we may simply prorate income according to the time period and then according to number of shares owned during each period - and combine results on K1s.

If income was not received evenly - you might want to prepare internal tax return separately for each period and generate separate sets of K1s.

However for the filing - you will still use combined tax return for the whole tax year.

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