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  3. a partnership must separately report section 1231

A partnership must separately report Section 1231 gains and losses rather than including them in...

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Accounting

A partnership must separately report Section 1231 gains and losses rather than including them in ordinary taxable income.

True False

There is no general partner required in a limited liability company (LLC).

True

False

Income from a partnership is taxed to the partner only if the partner receives the income as a distribution during the year.

True False

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