An Internal Revenue Service tax document allocating the respective net income and/or losses to the respective owners. It is provided to the owners upon completion of the annual tax return. Each line on the K-1 identifies to the owner how much to include in the respective sections of their personal tax returns from the business operations.
In the world of big business corporate earnings are taxed twice under the Internal Revenue Code. The first layer of taxation occurs with the traditional corporate income tax. The second tier of taxation […]