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I have a client who has an LLC. It was operating as an S…

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I have a client who has an LLC. It was operating as an S Corp. It then filed an 8832 to be taxed as a partnership during 2016 beginning October 1st. Assuming the dates on the 8832 were timely filed, do I file a partnership return for the entire year or an S Corp return for part of the year and a partnership return for the last three months of the year?

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The S Corp has 3 owners - they stayed exactly the same ownership when they converted to a partnership. After converting to a partnership they sold the business to an unrelated entity.

Submitted: 8 months ago.Category: Tax
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9/27/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,651
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: do I file a partnership return for the entire year or an S Corp return for part of the year and a partnership return for the last three months of the year?

A: Even though entity types are pass thru entities, each business entity has it's own tax consequences at the federal and state levels. You will file a short year return for the S-Corp and a short year tax return for the partnership.

REFERENCE SOURCE:

https://exitpromise.com/multiple-business-entity-structures-tax-consequences/

Let me know if you require further assistance with this matter. If not, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

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