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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
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
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