Discussion:Schedule K-1 Flow Directly to Schedule C

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Revision as of 16:23, 8 May 2009

Discussion Forum Index --> Advanced Tax Questions --> Schedule K-1 Flow Directly to Schedule C
Discussion Forum Index --> Tax Questions --> Schedule K-1 Flow Directly to Schedule C

JCCPA (talk|edits) said:

8 May 2009
This may seem like a dumb question, however, I can't find a quick answer and have asked two colleagues the question and no one has come accross it before. Client is a SMLLC, filing on Schedule C. Client is also becoming a Partner in a new LLP. Client would like to have the SMLLC, as filing on Schedule C, be the Partner in the new LLP and not herself individually.

Question - There does not appear to be a direct flow from a K-1 into a Schedule C (as if the SMLLC were the Partner). Conclusion would be to put on Schedule C, Line 6 "Other Income." The LLP will be non-passive re: will be subject to S-E tax, in case anyone was wondering.

What do others think?

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