On a Partnership's Form 1065, Which of the Following Statements

question 9

Multiple Choice

On a partnership's Form 1065, which of the following statements is not true?

• A)The partnership reconciles its net (tax basis) income (including separately stated items) to book income on Schedule M-1 or M-3.
• B)The partnership balance sheet on Schedule L is generally presented on a financial (book) basis.
• C)All partnership income and expense items are reported on Form 1065, page 1.
• D)The partnership's equivalent of taxable income is reported in the "Analysis of Income (Loss)."
• E)None of the above statements are true.