Guaranteed payments received from a partnership are included in the income of the partner receiving the payments on a cash basis, without regard to the partnership's tax year.

True

Flase

A partnership generally must adopt the same tax year as its majority partners.

True

Flase

The basis of a partner's interest in a partnership is increased by losses of the partnership allocated to the partner.

True

Flase

The "at-risk" rule does not apply to activities involving real estate.

True False

Income from a partnership is taxed to the partner only if the partner receives the income as a distribution during the year.

True False