QSUB - SUBSIDIARY LLC

If a single member LLC (filing 1065) is owned 100% by "S corp"

Which form must be filed, 966 or 8869?
If "S corp" owns more than 3 LLC, in its 1120S return, will income, expenses, assets, and liabilities of all LLCs be clubbed with "S corps" income, expenses, assets, and liabilities?

asked 21 Jul '11, 18:24

SHAHTAX AND ...
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edited 21 Jul '11, 18:49

TaxQueries ♦♦
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One Answer:

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The Form 966 and 8869 is not relevant based upon the limited information you provided.

Whether the income, expenses, assets and liabilities is reflected on the S Corporation return and not the LLC depends upon whether all three LLCs are disregarded entities. You only indicated that 'a single member LLC' is owned, not three. So the facts are a little vague.

If the LLCs are single member entities, then they are reflected on the parent S Corporation, barring an election.

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answered 25 Jul '11, 16:33

Bill-EA
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