The Partnership Reports Each Partner's Share of Income to the Partner

question 33

True/False

The partnership reports each partner's share of income to the partner in a single amount on Form 1099.

---

Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Production Function

An equation that describes the relation between inputs used in production and the output of goods or services.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Commodity

A basic asset deployed in commercial transactions that is exchangeable with other assets of the same classification.