On Which Tax Form Does a Single Member LLCs with One

question 22

Multiple Choice

On which tax form does a single member LLCs with one individual owner report its income and losses?

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

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Definitions:

Items

Refers to individual products or services that a company sells or the individual entries that make up a list or collection.

Intangible Assets

Non-physical assets owned by a business, such as patents, trademarks, goodwill, and copyrights, that have economic value and can provide future benefits.

Amortized

The gradual reduction of a debt or the spreading of capital expenses over a period of time.

Research and Development Costs

Expenses associated with the research and development of a company's goods or services, aiming to improve and innovate.