27. A K-1 from a 1065 has the following except for

Notes ownership percentage

Reports self employment income

Allocate's entity level debt to shareholders

shareholder profit and loss ratios are always the same

29. In order for a corporation to have S status, they must formally elect to have S status.

True

False

30. A shareholder will decrease the tax basis in their stock for:

Separately stated income items

Cash Distributions

Cash Contributions

Tax Exempt income