Characteristics of a partnership that emphasize that the entity is viewed as the individual owners include the following:

a. Salaries to partners are viewed as distribution of income rather than a component of income

b. Limited liability of general partners extends beyond the entity to the individual partners.
c. Income of the partnership is not taxed at the partnership level but, rather, is included as part of the partners' individual taxable income.
d. A & C

e. All of above

d
RATIONALE: B is unlimited liability

Business

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