Indicate whether the following statements are "True" or "False" regarding measuring and reporting partnership income.

a. A nonseparately stated item is any item with tax attributes that could affect partners differently.

b. The partnership's Form 1065 organizes and reports the transactions of the entity for the tax year. Each of the partnership's tax items is reported on Schedule K of that return.

c. A partnership is allowed to claim a deduction for net operating losses.