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IRS form 8832 was never filled out or filed to designate tax

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treatment for a corp i...
IRS form 8832 was never filled out or filed to designate tax treatment for a corp i created. the corp oissued shares but never distributed them..( one owner)...there were two positions for the corp. A president and treasurer for the corporation created in 2008 in the state of Maryland. is this treated as a disregarded enttity by default provisions for form 8832? if so does any income 9if applicable) go to the personal return of the owner or of the shares of said corp or to the president's return?... Or more specifically, who gets the income or losses from business activity if its disregarded entitiy.
Submitted: 6 months ago.Category: Tax
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7/11/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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Hi, my name is Mark. I will be happy to help you with your questions. It sounds like this is a single member LLC. Please correct me if I am wrong.

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Customer reply replied 6 months ago
No a corp with two officers..presidential and treasurer. 100,000 shares issued
Customer reply replied 6 months ago
shares remained with one owner
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

Why do you believe it should be treated as a disregarded entity?

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Customer reply replied 6 months ago
because page 4 of 8832 instructions said an entity by default rules is disregarded if there is one owner, from IRS.gov
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

That would apply to an LLC. A LLC is treated by default as a partnership unless there is only one member. A partnership would need to have two or more members. It is acceptable for a corporation to have one shareholder.

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Customer reply replied 6 months ago
trhis corp issued 100,000 shares....and were not held by more than one owner ...so do u think its disregarded...?..and does inc and loss go to owner's tax return?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

No, it would be treated as a corporation not as a disregarded entity.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

What year are you reporting for?

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Customer reply replied 6 months ago
All corps. (Not llc nor partnership s) are considered "Not disregarded
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

Yes, a corporation would not be considered a disregarded entity.

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