1.Corporations are legal entities formed under the laws of a state.

True

False

2.Generally, a partner recognizes no gain or loss on the formation of a partnership.

True

False

3.What tax form is a partnership required to file each year?

Form 1120

Form 1040P

Form 1065

Form 1120S

4.A partner never recognizes a gain or loss on the formation of a partnership.

True

False

5.If only cash is contributed on the formation of a partnership, outside basis will equal inside basis.

True

False