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A qualified S Corporation subsidiary (Qsss) election that took place on October 1, 2014 for 3 S Corporation. I'm thinking that I have to file a short year return for each 1120S for Jan-Sept. Then I file under the parent company a consolidated return for the activity on the Qsub's for Oct. thru Dec. Is that correct?


The BIDaWIZ Team's Answer:

Yes, that is correct (short year final returns until election date and separate consolidated return thereafter) unless this is a IRC Section 368 reorganization. If so, no final return is required under section 368(a)(1)(F) and Rev. Rul. 2008-18. Please note that the QSSS election should be filed on Form 8869 with box 14 checked.

References: IRC Section 368(a)(1)(F); Rev. Rul. 2008-18
State: Michigan

The BIDaWIZ Team



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