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Question 223: My understanding is if Corporation A owns 5% or more of Corporation B then a 5% or more shareholder of Corp A is deemed to own a proportional ownership of Corp B and, likewise, if Partnership A owns 5% or more of Partnership B then a 5% or more partner of Partnership A is deemed to own a proportional ownership of Partnership B. Would the same hold true for a shareholder of an S corporation that owns 5% or more of Partnership B? | ||||||||||||||||
Answer: Your understanding is close, but not accurate. There are three different sets of attribution rules, each with its own nuances. You did not specify which set of rules you are using, so I'll address all three.
All of the attribution rules are laid out on a table appearing as Appendix D in my book, Who's the Employer. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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