Question

A C corporation reports its taxable income or loss on Form 1065.

a) True
b) False

Answer 1

A C corporation does not report its taxable income or loss on Form 1065. Instead, a C corporation reports its income or loss on Form 1120.

Step-by-step explanation:

A C corporation does not report its taxable income or loss on Form 1065. Instead, a C corporation reports its income or loss on Form 1120. Form 1065 is used by partnerships to report their taxable income.

For example, if a C corporation had taxable income of $100,000 in a particular year, it would report that income on Form 1120.

Therefore, the statement "A C corporation reports its taxable income or loss on Form 1065" is False.