Question regarding filing for LLC/disregarded entities. Situation:
Limited partnership owns three LLC/disregarded entities. Instructions per IRS advises default reporting for single member LLC, i.e. one person is to report on 1040. Would same principle apply if the limited partnership owns the LLC's, i.e. report on 1065. In other words, could I avoid filing three 1065's for the three LLC's? Tax affect would be the sam; the limited parnership would have three 8825's rather than three K-1's.
Thanks in advance for the replies