1. Discuss the definition of a partnership. Discuss one or more of the common types of entities treated as partnerships. 2. Describe how a partnership reports its income and expenses to the IRS. Provide examples of ordinary and separately stated income. 3. Compare the provision for the nonrecognition of gain or loss on contributions to a partnership (Section 721) with a similar provision related to the corporate formation (Section 351). What are the major differences and similarities?