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Form 1120-S (Schedule K-1) Wilmington North Carolina: What You Should Know

Income Taxes and Distributions), the limited partner would pay 1,000,000 in federal taxes. IRM 10.1.1.11.3, Income Taxes and Distributions: If your partner has a business and an investment interest in it, the corporation can hold its business assets for your partner for its share of the combined business and investment interests. Example: Partner owns a business, (2) If a partnership is a “single-member” business and the partners are the same number of members in it, the partners pay themselves a salary on their partnership income, and the partners pay other partners their salary or profits from the business at the same time they pay their salary or profits to themselves. If an LLC has two or more owners and their business interests are combined in a partnership with more than two owners, the income, gains, losses, deductions, and credits of the LLC and the business interests of the partners are allocated to the LLC. (See the discussion under, “Business Interests” on page 22 of IRM 3.0.102.3, Single Member. In this case, if any of the owners have an interest in the LLC, the share of income and gains and losses of the LLC is allocated solely to that owner. In the example above, the owners were each allotted 100% of the income, gains, and losses from the business. (1) IRM 21.3.1, Taxation of Profit from Business, for more information. (2) A single-member limited partnership does not usually pay the individual members of the partnership a salary for their share of the partnership's income, or for participating in the partnership. However, if an LLC requires that the individual members pay a salary, it must pay for salary as though the income and profits were earned by these individual members. The individual members are each allocated the entire income, gains, losses, deductions, and credits of the LLC and, when these assets are distributed, it pays the individual members their proportionate share of the distributions. (See IRM 3.0.101.6, Corporations, LCS, and S-Corporations) There is normally no basis requirement for the distribution of an LLC's investment interest in a business. (See IRM 10.1.1.23.

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