Question 15 of 75. Review the following scenario, then choose the response that correctly completes the last sentence. Alan and Damoni are co-owners of an auto repair shop; they each own 50% of the building where they work. They each schedule their own appointments with customers, use their own tools and supplies, and use their own method of collecting payments from their customers. They each pay half the utilities and the property taxes on the building. Based on the information provided, Alan and Damoni: O Have formed a business partnership and must file Form 1065, U.S. Return of Partnership Income O Have formed a business partnership and must report their share of the business's income, deductions, credits, etc. on Schedule K- 1 (Form 1065) O Must elect to be classified as a partnership for federal tax purposes by fling Form 8832.Entity Classification Election. O Are co-owners of the property but run their businesses independent of each other. They split certain building expenses. They are not a partnership. Mark for follow up