On a partnership's Form 1065,which of the following statements is not true?
A)The partnership reconciles its net "taxable" (equivalent) income 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)."

Question

Quizplus · Accepted Answer

This statement is not true because partnership income and expense items are reported on both Form 1065, page 1 (for tax purposes) and Schedule K-1 (for each partner's individual tax return).

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