Sam and Henry form a limited liablity partnership (LLP). How will the income of the LLP be taxed? The income is taxed at the partnership level only b. Income and losses are reported directly on the partners' individual tax returns c. The income is taxed at the partnership level, then taxed again as income is distrbuted to the owners d. Income is accumulated untaxed at the partnership level and is only taxod when dietributed to the parthers