I own nothing, I am just an employee. My mother owns 50% of the business.
Constructive Ownership – Members of Family
An individual is treated as owning the stock owned, directly or indirectly, by or for his/her
spouse, children (including legally adopted children), grandchildren, and parents. Stock so
attributed to an individual may not be reattributed to make another family member the
constructive owner.
IRC 318(a)(1)(A)
IRC 318(a)(5)(B); Treas. Reg. 1.318-
4(b); Treas. Reg. 1.958-2(b)(1) and
(2) and -2(f)(1)(ii)
https://www.irs.gov/pub/irs-utl/ir[product key removed]ship.pdf
This has already been explained to us by our business accountant. My issue is entering the information properly into Turbotax. Thank you for any guidance you can provide.
