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Can an LLC whose sole member/manager is another LLC with 2 members be treated as a multi-member LLC, if so, how should this be reflected in Turbo Tax member summary?
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June 6, 2019
12:03 PM
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Business & farm
Based on your facts, the single member LLC owned by the multi-member LLC is deemed a disregarded entity for income tax purposes. As such, it is treated as if the multi-member LLC had a division and all revenue, expenses, etc. of the single member LLC will just be reported on the multi-member LLC tax return.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
June 6, 2019
12:03 PM