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What form is used on the fed 1120s to changed shareholder…

what form is used on...
what form is used on the fed 1120s to changed shareholder shares from one to another person and state and NYC forms as well
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Answered in 3 minutes by:
9/15/2017
Chad Schoch
Category: Tax
Satisfied Customers: 20
Experience: CPA at Sheridan Healthcare
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Thank you for reaching out - I appreciate your business and look forward to helping you with this question

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This is a great question - on the 1120s you will show your change in ownership specifically on form K-1. This will show additions to interest, subtractions, any other activity and also the beginning and ending ownership percentages. Now, may I ask a question, what tax return type do you normally file when handling your New York City tax return?

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While I am waiting on the answer to my question above - New York state requires that you file a Form CT-34-SH-I form. With this you must include your K-1 from the federal 1120s.

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Customer reply replied 5 months ago
nyc 3L

Perfect - Thank you for the information. On Form NYC 3L there is no need to show the change in ownership. With the NYC 3L you will attach all K-1s that were created within the Federal 1120s; this is essence shows the change in ownership. There is however a question within the NYC 3L that will need filled out that relates to a change in ownership over 50%. See Schedule J, question 8d.

I do hope that I was able to answer all questions for you quickly and concisely! Please let me know if you have any further questions and I hope that you give me a rating of 5!

Thank you,

Chad

Chad Schoch
Category: Tax
Satisfied Customers: 20
Experience: CPA at Sheridan Healthcare
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