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. . b. using information above describe the tax classification(s) for Stellar LLC after Marie was admitted as a new owner from June 1, 2020 to December 31, 2020.
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. . b. using information above describe the tax classification(s) for Stellar LLC after Marie was admitted as a new owner from June 1, 2020 to December 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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n 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.
. b. using information above describe the tax classification(s) for Stellar LLC after Marie was admitted as a new owner from June 1, 2020 to December 31, 2020.
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