36 of 75. Generally, a single member LLC will report its income and expenses on which of the following? O Form 1065 Schedule C O Form 1120-S O Schedule SE Mark for follow up Question 37 of 75. If an activity is not considered "engaged in for profit" because it does not meet the IRS presumption of profit, the Activity will automatically be considered a hobby with no other recourse for the taxpayer. O Activity will automatically be considered "engaged in for profit" when three of nine profit factors are met. Facts and circumstances may still indicate that the taxpayer has a profit motive. O Testing period and losses are suspended, since a taxpayer does need to continue efforts to further the interests of the business to be considered engaged in for profit. Mark for follow up