FORM 1065 Definition

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FORM 1065 (Schedule K-1) is the domestic partnership income tax return form used in the U.S.

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COMMERCIAL INVOICE, generally, is the sellers bill of sale for the goods sold, specifying type of goods, quantity and price of each type and terms of sale. In import/export, it represents a complete record of the transaction between exporter and importer with regard to the goods sold. Also reports the content of the shipment and serves as the basis for all other documents about the shipment.

TIME VALUE OF MONEY is the idea that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received.

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