Sunny Smiles Day Care Center is organized as a partnership. Which one of the following business tax forms will the owners need to file 75 days after the close of the fiscal year?


A. Form 990
B. Schedule C
C. Form 1065
D. Form 1120

My answer is (A) can someone check my answer.

I don't think so.

A quick Google search turned this up.

http://www.irs.gov/Businesses/Partnerships

its not 990

the answer is not 990 form it would be the 1065 form thats my best guess

To determine the correct answer, let's go through the options and understand the purpose of each tax form:

A. Form 990: This form is used by tax-exempt organizations, such as certain nonprofit organizations and charities. Since Sunny Smiles Day Care Center is organized as a partnership, it is unlikely to file this form. Therefore, option A is incorrect.

B. Schedule C: This is a form that is used by sole proprietors to report business income and expenses. Since Sunny Smiles Day Care Center is organized as a partnership and not a sole proprietorship, option B is incorrect.

C. Form 1065: This form is specifically designed for partnerships to report their income, deductions, gains, and losses. It also identifies each partner's share of the partnership's income, tax credits, and deductions. Given that Sunny Smiles Day Care Center is organized as a partnership, option C is likely the correct answer.

D. Form 1120: This form is used by corporations to report their income, deductions, and taxes. Since Sunny Smiles Day Care Center is organized as a partnership and not a corporation, option D is incorrect.

Based on the explanations above, it can be concluded that the correct answer is C. Sunny Smiles Day Care Center owners will need to file Form 1065, the partnership tax return, 75 days after the close of the fiscal year.