Established client is a rancher who "partners " with her son. Client is 82 years old and has always filed a schedule F. Her son also files a schedule F. As part of the farm transition plan client formed a partnership with son. Schedule 1065 (F) generates K-1 income. Problem: 82 year old client (who draws SS) doesn't want to pay SE tax, but son does.
Short of filing as a 1120S is there a way? They would prefer to put all earnings as 'retained earnings' and show no income......
any help greatly appreciated!
Short of filing as a 1120S is there a way? They would prefer to put all earnings as 'retained earnings' and show no income......
any help greatly appreciated!
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