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    #1

    K-1 Issue

    Client, Resident of Illinois and is a 17% shareholder (S corp) in Hotel in South Carolina.
    SC entity has no other business.

    Got K-1 from their accountant.

    Federal K-1 shows Loss of $9000 on line 1 where as SCK-1 shows 15000 ordinary income!

    Does it sound right?

    Thank you!
    Tags: None
    #2
    No it doesn't

    Originally posted by TAX View Post
    Client, Resident of Illinois and is a 17% shareholder (S corp) in Hotel in South Carolina.
    SC entity has no other business.

    Got K-1 from their accountant.

    Federal K-1 shows Loss of $9000 on line 1 where as SCK-1 shows 15000 ordinary income!

    Does it sound right?

    Thank you!
    there's a 24,000 difference. Your client should get an explanation from the other
    accountant.
    ChEAr$,
    Harlan Lunsford, EA n LA

    Comment

      #3
      AZ limits Sec 179 to $25k per year. That causes some K1s to have different Fed and St amounts.

      Would have been nice for the preparer to include some kind of clue for you on a statement

      Comment

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