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Form Instructions 1120-S for Chico California: What You Should Know

When an S corporation form part of an entity, and you are not listed as the owner of that entity, the income, losses, and dividends from the corporation are reported on Form 2106, Statement of Information for Individuals who are not Owners of Exempt Organizations (Line 21), rather than on Form 1120-S. · However, if your tax return is a joint return, report all the income, losses, and dividends of your spouse on Form 8872, if applicable, and your net capital gain on Form 8814, line 20, rather than Form 1120-S. · When an S corporation form part of an entity, no income tax is due on any income you earn on the shares of S corporation stock because the stock is treated as your personal property. The only taxable income you must include on your federal income tax return is from your share of any loss (or gain), for example, the sale of shares of stock. The IRS has a link to Form 1120-S at IRS Forms and Publications IRS.gov has a link to Form 1120-S PDF and a link to Schedule K in the USED (taxes and revenues) section at the IRS website. Form 1120-S — U.S. Income Tax Return for an S Corporation What is Form 1120-S? It is a U.S. income tax return, including a form number (Form 1120-1), for an S corporation with one or more shareholders who are U.S. residents, residents of a U.S. possession at the time of filing (for example, Guam), or citizens or resident aliens who do not have a U.S. tax treaty with the United States. The U.S. resident shareholder is generally expected to be the owner of the corporation. Although the tax consequences of the sale of shares of stock or of an S corporation are similar, see U.S. income tax discussion on S corporations. Note that this discussion applies most closely to corporations with 5 or more shareholders. S Corporation shareholders may be included or excluded under specific circumstances. The IRS can issue Forms 1120-S for any year in which an S corporation may have more than one taxpayer.

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