Multiple Choice
Which one of the following statements regarding partnership taxation is incorrect?
A) A partnership is a tax-paying entity for Federal income tax purposes.
B) Partnership income is comprised of ordinary partnership income or loss and separately stated items.
C) A partnership is required to file a return with the IRS.
D) A partner's profit-sharing percentage may differ from the partner's loss-sharing percentage.
E) All of these are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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