Form 1120-S: S Corporation Tax Return
Form 1120-S is the tax return for S corporations, pass-through entities that do not pay corporate income tax. Real estate businesses and investors use S corporations for liability protection with pass-through taxation.
Real Estate Applications
- Real estate brokerages and property management companies
- Development and construction businesses
- Investment property holdings (with limitations)
- Professional service companies in real estate
Pass-Through Taxation
- No corporate income tax; income passes to shareholders
- Each shareholder receives Schedule K-1
- Losses limited to shareholder's basis in the corporation
- Section 199A deduction may apply to rental income
Filing Requirements
- Due date: March 15 (6-month extension available)
- Penalty: $10 per shareholder per month for late filing
- Limits: 100 shareholders max, one class of stock, U.S. shareholders only
Related Terms
- Contract — Corporate operating agreements
- Equity — Shareholder basis and equity
- Estate Planning — S corp interests in estates
Barnes Walker Business Law
Barnes Walker's attorneys structure S corporations for Florida real estate businesses and advise on entity selection and tax planning. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC