New client may be or use to be shareholder in S-Corp

[AZ-Tax]

New Client left me with what looks to be only part of his 2009 tax return. He has a Schedule E (form 1040 only pg 2) with entries in pg 2 part 2 "Income or loss from P'Ship and S-Corp". Table 28 line A has the name of the LLC/S-Corp but no K-1 anywhere. Has a positive amt on lines: 29a, 30, 32 and 41 in part 5. I believe theTP told me his divorce was finalized in 2010 and his spouse recieved his share of the S-Corp in the settlement. Shouldnt TP received a "final" TP?

Also, I assume the share sale needs to be reported, correct and if so, any help would be appreciated.

Thanks

Joe

[veritas]

Best to get all the facts

on what happened exactly.

There is no gain on the transfer of assets between spouses incident to a divorce.

[Uncle Sam]

S -Corp Shareholder

If he was a shareholder for a day during the year - wouldn't he be getting a K-1 for his allocated portion of income/loss?

OP I believe was asking about that rather than gain/loss on disposition of stock.

[veritas]

Op

Means Old Person? Guilty


"Also, I assume the share sale needs to be reported, correct and if so, any help would be appreciated."

[AZ-Tax]

Actually I was asking both

I was puzzled there was no 09 K-1 and yes how to report a gain or loss.