Which One of the Following Is Not True About Partnerships

question 54

Multiple Choice

Which one of the following is not true about partnerships and their income-reporting process?

• A)The partnership must file a Form 1065.
• B)The partner's share of income/loss is presented on Schedule K-1.
• C)A partner's deductible loss is limited to his basis in the partnership.
• D)The partnership pays income tax.
• E)All of the above are true.