BCinSC Posted April 7, 2012 Report Posted April 7, 2012 Partnership return has 4 partners, (both parents and two children) who own 100% of entity. Parents each own 40% and children each own 10%. I am getting an error message on the ownership list because each owns less than 50%; however, if I am reading the instructions correctly, constructive ownership comes into play and each partner should be listed. Just wondering how anyone is presenting the ownership percentage on this form --- actual ownership % or constructive ownership %. Thanks for any advice. Quote
TaxCPANY Posted April 12, 2012 Report Posted April 12, 2012 Constructive ownership rules, on this, BCinSC -- i.e., everyone owns "100%". VTY, TaxCPANY Quote
BCinSC Posted April 12, 2012 Author Report Posted April 12, 2012 Thanks! That's what I thought. Hope the rest of tax season goes well for everyone! Quote
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