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Business & farm
For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and affirmatively elects to be treated as a corporation.
https://www.irs.gov/pub/irs-pdf/f8832.pdf
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎June 14, 2022
1:07 PM