On a partnership's Form 1065, which of the following statements is not true?
A) The partnership reconciles its net income (including separately stated items) to book income on Schedule M-1 or M-3.
B) The partnership balance sheet on Schedule L is generally presented on a financial (book) basis.
C) All partnership income and expense items are reported on Form 1065, page 1.
D) The partnership's equivalent of taxable income is reported in the "Analysis of Income (Loss)."
E) All of the above statements are true.

Question

Quizplus · Accepted Answer

Not all partnership income and expense items are reported on Form 1065, page 1. Certain items, such as guaranteed payments and distributions, are separately stated and reported on Schedule K and K-1.

On a Partnership's Form 1065, Which of the Following Statements