On a partnership's Form 1065, which of the following statements is not true?
A) The partnership reconciles its "Income (Loss) per Books" with "Income (Loss) per Return" 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 taxable/deductible 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) The partnership deducts its allowable business interest expense on Form 1065, page 1, and allocates any excess to the partners for carryover.

Question

Quizplus · Accepted Answer

Not all taxable/deductible partnership income and expense items are reported on Form 1065, page 1. Some items are reported separately on Schedule K and K-1.

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