Hello, I am running in circles on this one. I just spent 1 hour at the IRS office who referred me to the 1-800# and then after 1hour of being on hold and transferred IRS Office says "it isn't logical" to answer this question.
What?!?!
I have also read tab 19-3 of the taxbook.
My question is - if the SubChaper SCorp makes all the income, and the SParent owns the SCorp, is the 1120s to be in the Parent Corp's name, with all of the income and expenses all reported in the parent corp's name? The text on 19-3 states that a QSub is disregarded for tax purposes. It just seems odd to me, since all income and expenses were run through the SubChapter S. Any help is greatly appreciated. Thank You!
What?!?!
I have also read tab 19-3 of the taxbook.
My question is - if the SubChaper SCorp makes all the income, and the SParent owns the SCorp, is the 1120s to be in the Parent Corp's name, with all of the income and expenses all reported in the parent corp's name? The text on 19-3 states that a QSub is disregarded for tax purposes. It just seems odd to me, since all income and expenses were run through the SubChapter S. Any help is greatly appreciated. Thank You!