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S corp stock sale - do new owners file new 2553


schirallicpa

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The 1120S K-1 doesn't have all of the same blocks as a partnership k-1 does. From the 1120S K-1 instructions, it should report weighted averages for all owners for the year, and be marked "final" at the top for the terminated owner.  

Please see the 1120S instructions starting on the pg 20 under "Special Rules - Termination of a shareholder's interest" and then pg 22 starting at "Item F" for how to calculate the percentage of ownership to report.   Here's a link to the IRS for a pdf version of the instructions: https://www.irs.gov/pub/irs-pdf/i1120s.pdf

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