Fifty persons form an organization to engage in real estate activities. Forty seven are limited partners and three are general partners. The organization is to last for 10 years. No interest may be transferred without the unanimous consent of all of the partners. The management of the organization is vested exclusively in the general partners. Only general partners are personally liable on its obligations. Which of the following statements is TRUE? Question 1 Select one: a. For federal income tax purposes, the organization is an association taxable as a corporation in all events b. For federal income tax purposes, the organization is an association taxable as a partnership in all events c. For federal income tax purposes, the organization is an association taxable as a partnership if a check the box election is made d. For federal income tax purposes, the organization is an association taxable as a corporation if a check the box election is made