Answer the following true or false for each:

6. The death or admission of a partner results in the dissolution of an existing partnership.

7. Profits and losses may not be allocated to partners on a different ratio than their interest in partnership capital.

8. Contributions of capital are recorded at the contributing partners book value on the books for GAAP financial statement purposes.

9. Distributions and guaranteed payments to partners are treated as wages and reported on the partners W-2.

10. Unlike like regular C corporations, S Corps do not pay federal corporate income taxes.