1. Unincorporated organizations which are used for investment purposes only may elect to be excluded from partnership status by filing a partnership return, Form 1065. With respect to the election, determine whether each of the following statements is true or false.
   1. All of the organization's members must elect for the organization to be excluded.

2. The organization's members must be able to figure their income without having to figure partnership taxable income.

3. The Form 1065 must be filed by the due date for filing the return (including extensions).

4. The agreement which governs the operation of the organization must be in writing.