Sorry, I am starting a new thread on a question that has been posted earlier. Below is a link for the old thread
Question on the form: Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote? If “Yes,” complete Part II of Schedule G.
Situation: A C-Corp was founded in 2020. 80% of total common stock were issued to a solo founder and 20% were kept authorized. There was no revenue and no dividend distribution for the short tax year of 2020.
Question: Does the common stock carry voting rights or in other words, does Schedule G need to be filed?
Old thread: https://ttlc.intuit.com/community/business-taxes/discussion/form-1120-schedule-k-question-4b-startup...
