S Corp 100% owner in LLC (Taxed as S Corp), How do I account for LLC on S Corps books
I have an S Corp that is a 100% owner in an LLC (which is taxed as an S corp). I am preparing the taxes for the companies and have run into a problem. I have given the S corp the k-1 from the llc and put the $'s into "other income" (Income section, line 5 1120s schedule). However, in filling in the other required information for taxes the software (turbo tax) says my M-1 schedule is off by the amount of the "other income". How do I account for the subsidiary in my S corp "books"? I do not have the LLC on my S Corp books. There was no money paid for it.