On Which Form Is Income from a Single Member LLC

question 22

Multiple Choice

On which form is income from a single member LLC with one corporate (C corporation) owner reported?

• A) Form 1120 used by C corporations to report their income
• B) Form 1120S used by S corporations to report their income
• C) Form 1065 used by partnerships to report their income
• D)Form 1040, Schedule C used by sole proprietorships to report their income
• E)None of these

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Definitions:

Visual Cliff

An experimental apparatus designed to give the illusion of a dangerous drop-off, used to study depth perception and fear of heights in infants.

Ambiguous

Open to more than one interpretation or having a double meaning.

External Locus

A belief that one's life events are largely influenced by external forces or the environment, as opposed to internal factors (contrast with internal locus of control).

Conscientiousness

A personality trait characterized by organization, responsibility, and thoroughness.