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Business & farm
Thanks for your reply. This sounds good- I'll enter in box D 100. I'll enter in box H 49 for me and 51 for my wife corresponding to our percentages in box G.
I hope it will be obvious to the IRS what's happening because our name in box B has 'LLC' after it.
And I think the 1120-S K-1 instructions should have a paragraph or so treating LLC's that have elected S-Corp status. If you search the instructions for 'LLC' there are no hits :-(.
‎November 7, 2022
8:34 AM