All questions are TF

1. Guaranteed payments for capital are treated as interest income for purposes of the investment interest expense limitation.
2. The actual costs of acquiring a business in a new trade or business are subject to Code Section 195 treatment.
3. Even if it is unlikely, a partnership could potentially be required to change its taxable year end every year.
4. All of the non-separately stated items go on Page 1 of Form 1065.

choice question

A principal partner must own at least what percent of the partnership? 1% 5% 10% 25%

In what taxable year must a partner recognize her share of partnership income?

( ) The year with or within which the partnership year ends. or The year with or within which the partnership year begins. or The current year.