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Which of the following is true about partnerships and their income-reporting process? a.The partnership pays income tax as determined on Form 1065. b.A partners deductible
Which of the following is true about partnerships and their income-reporting process? a.The partnership pays income tax as determined on Form 1065. b.A partners deductible loss is limited to the percent of the partner's position in the partnership. c.The partnership must file a Section 1231. d.The partners share of income/loss is presented on Schedule K-1.
I think the answer is 1065 form??
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