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:

Direct Labor-Hours

Sum of the working hours spent by workers actively participating in generating products or rendering services.

Machine-Hours

A measure of production time that indicates the total hours machines are operating in the production process.

Machining Department

A specific division within a manufacturing facility where machining processes such as cutting, drilling, or shaping materials are carried out.

Customizing Department

A unit within an organization that adapts products to fit the unique needs or likes of its customers.