Which One of the Following Statements Regarding Partnership Taxation Is

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 percent may differ from the partner's loss-sharing percent.
E) All of these statements are correct.