If an LLC has a distinct member, it is classified as a abandoned article and is beheld as abstracted from its buyer for assets tax purposes. All the business activity, including assets and losses, are appear on the alone member’s tax acknowledgment application a array of altered schedules that accompany Form 1040. In this instance, there is no charge for a Schedule K-1. However, the buyer would use Schedule C, C-EZ, E or F, depending on the blazon of business.
Ten Doubts You Should Clarify About Form 12 Schedule C Instructions | Form 12 Schedule C Instructions – form 1120 schedule c instructions
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