How can I tell if a Wisconsin S corporation or partnership chose to be taxed at the entity level?
S Corporation
If the a tax-option S corporation has made the election to be taxed at the entity level, the box will be checked on Schedule 5K-1, Part II, section B, box 3.
Partnership
If a partnership has made the election to be taxed at the entity level, the box will be checked on Schedule 3K-1, Part II, section C, box 3.
Note: If the S corporation or partnership directly or indirectly owns another pass-through entity (lower tier) that made the election to be taxed at the entity level, box 4 will be checked. You will need to make entity-level tax election adjustments for that lower-tier entity.
If the a tax-option S corporation has made the election to be taxed at the entity level, the box will be checked on Schedule 5K-1, Part II, section B, box 3.
Partnership
If a partnership has made the election to be taxed at the entity level, the box will be checked on Schedule 3K-1, Part II, section C, box 3.
Note: If the S corporation or partnership directly or indirectly owns another pass-through entity (lower tier) that made the election to be taxed at the entity level, box 4 will be checked. You will need to make entity-level tax election adjustments for that lower-tier entity.
