1.Ordinary income includes interest income and dividend income received by the partnership.

True

False

2.Partnership income and losses are divided into two components: ordinary items and separately stated items.

True

False

3.Guaranteed payments are always determined about partnership income.

True

False

4.All income and expense items of a partnership that may be treated differently at the partner level must be "separately stated."

True

False

5.Partnership income or loss and separately stated items are reported to the individual partners via Schedule K-1.

True

False