On Which Tax Form Do LLCs with More Than One

question 3

Multiple Choice

On which tax form do LLCs with more than one owner generally report their income and losses?

• A)Form 1120.
• B)Form 1120S.
• C)Form 1065.
• D)Form 1040, Schedule C.

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Definitions:

Variance

A measure of the dispersion of a set of data points around their mean, indicating how spread out the data points are.

Standard Deviation

A measure of the dispersion or variability of a set of data points, indicating how spread out the values are from the mean of the data set.

Biased Estimates

Estimates that are systematically off-target in a certain direction due to errors in methodology or sample selection.

Absolute Value

The non-negative value of a number without regard to its sign; for example, the absolute value of both -5 and 5 is 5.