Response to the following :
1. Partners recognize gain when they receive a cash distribution from the partnership that exceeds the basis in their partnership interest.
2. Partnership Characteristics
a. Which tax form do partnerships use?
b. Do partnerships withhold income taxes on guaranteed payments made to partners?
c. An LLC is what type of tax entity?
d. What is the extended due date for a calendar year partnership?
e. What is the original due date for the tax return of a fiscal year partnership with an April 30 year end