Help me with accounting, please?
1. An LLC generally files using a Form
a. 1065LLC
b. 1120LLC
c. 1065
d. 1120
2. MACRS for personal property normally uses what convention
a. Mid-month
b. Mid-Week
c. Half year
d. Half month
3. An S corporation files the following form
a. 1065S
b. 1040S
c. 1120S
d. 1125S
4. Generally a S corporation may pay tax at the corporate level but a C corporation will not pay tax at the corporate level
a. TRUE
b. FALSE
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Answers & Comments
Verified answer
1. Unless an election to be treated as a corporation is made, the LLC is treated as a partnership and files for 1065. If they made the election using form 8832, then the answer is d, form 1120. I'd stick with C.
2. C
3. C
4. B
I knew these, but I confirmed them with quick 2 minute Google searches. Put a little effort out man.