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Topic: Partnership question (

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Cofie
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Joined: 24 Mar 2011
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Posted: 27 Apr 2011 at 22:37 \| IP Logged

The amount of a partnership's income and loss from operating activities is combined with seperately stated income and expenses in determining the partnership's net income (loss). This amount is reconciled to book income on the partnership's Schedule M-3 or M-1

True or False

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cofie

jl0329
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Joined: 15 Feb 2011
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Posted: 28 Apr 2011 at 10:10 \| IP Logged

The first part of the statement is true.

Not sure about the 2nd part.

thechamp26
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Joined: 11 Aug 2010
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Posts: 52

Posted: 28 Apr 2011 at 22:56 \| IP Logged

Ordinary income is combined with separately stated items to
determine the partnerships taxable income. The M-1/M-3
reconciles book income to taxable income.

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