Question
In 2017, Grant filed Articles of Organization in the state of Kansas to form a limited liability company. The Articles specify the name of the
In 2017, Grant filed Articles of Organization in the state of Kansas to form a limited liability company. The Articles specify the name of the LLC as Stellar LLC. Grant is the sole owner of Stellar LLC for 2017 and does not make any tax election with respect to Stellar LLC in 2017. On June 1, 2020 Grant admits Marie as a new member (owner) to Stellar LLC. Grant and Marie decide not to file any tax election for Stellar LLC for 2020 after Marie is admitted as a member.
a. using the information above describe the tax classification(s) for Stellar LLC for 2020 prior to Marie being admitted as a new owner from January 1, 2020 to May 31, 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started