preparing income tax for multiple LLC filing as S corp rollup to a single parent Scor

[HannahLawry]

Each LLC and S corp have its own EIN#. Do I need to file a separate tax return for each LLC filing as S corp? who's identity would be on schedule K-1, should it be shareholder SSN# or S corp EIN?

For the parent S corp tax return, if I use EIN of S corp on sch K-1 of each LLC return, how do I report these K1 on the parent S corp return?

If my thinking is wrong, how do i handle these tax returns? should i ignore the parent company and just file income tax for each LLC naming the shareholder SSN# on the K1?

Any advise is appreciated.
HannahLawry

[geekgirldany]

I'll throw this out...look at Qualified Subchapter S Subsidiary (QSub) on page 19-3 in TTB.

Maybe some others will post as well.

[Snaggletooth]

Delaware Series

Hannah, google up "Delaware Series LLC" and see what comes out. Essentially how to handle multiple LLCs set up to limit the liability to a very small finite dollar amount, and spare the ownership from liability on the total ownership. You might get more legal discussion than tax discussion.

[HannahLawry]

I found the answer. Prior combining all of llc into a single tax return under S corp parent, the client must file form 8869-qualified subchapter S election within that tax year and if the late election is filed (after two months and 15 days of the effective date), the corporation must request a private letter rulling and pay a user fee. Client must file form 8869 and receive acceptance letter from IRS before filing a combining tax return for all llc under S corp parent. Thank you for pointing out section 19-3.

[JON]

One return

happens automatically if the original LLC, electing S Corp, is the "owner" of all other LLC's. The subsequent LLCs become not recognized for anything. If these LLCs have different, but common ownership I would think you have a problem??? Election???