Fair Market Value (FMV) is the price that a property would sell for on the open market. Calculating FMV helps in real estate transactions, taxation, litigation, and insurance claims.
FORM 1065 is a federal income tax form used by partnerships and certain other entities to report their income, gains, losses, deductions, and credits. The information on FORM 1065 is used to calculate the individual tax responsibilities of the partners or members.
The Form 1099 is a series of documents regulated by the Internal Revenue Service (IRS) used to report various types of income other than salaries, wages, and tips. The form covers various income sources, including dividends, interest, and nonemployee compensation.
Form K-1 is a tax document used to report the incomes, deductions, and credits of a partnership's partners, estate's beneficiaries, and S corporation's shareholders. It helps these individuals report their share of the business's income on their personal tax returns.
Schedule K-1 is a tax document used to report income, deductions, and credits from partnerships, S corporations, estates, and trusts to individuals, partners, or shareholders. It also contains information on these entities' distributive share of items like income, losses, and dividends.
