Which of the following taxpayers use a Schedule K and K-1 to pass through income, loss, and credit amounts to the owners or beneficiaries?

Question

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Schedules K and K-1 are used by complex trusts, partnerships, and S corporations to pass through income, losses, and credits to their owners or beneficiaries. This allows the income to be taxed at the individual level rather than at the entity level, avoiding double taxation.

Which of the Following Taxpayers Use a Schedule K and K-1