1. In which of the following scenarios would a partnership exist for federal tax purposes?

a) Bobby and Billy own and maintain a shopping center and lease the retail spaces to tenants.

b)Tanner and Tyler own an apartment building and hire a management company to operate and provide services to the tenants.

c) When Amy and Bob formed their law firm entered into a written agreement which provided that only Bob would receive 60% and Amy would receive 40% of the firms profits and losses

d) B is not true

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2. Which of the following is not true of partnerships?

A)Partners, not partnerships, pay taxes on their share of partnership income

B)Must prepare and file with the IRS information returns stating the partnerships income, gains, losses, deductions and credits

C)Must prepare and file with the IRS Schedule Ks stating the partners share of the partnerships income

D)All of the above is true