uestion 3 of S. ark and Matt co-own an auto repair shop 50 50. They each schedul

Question

uestion 3 of S. ark and Matt co-own an auto repair shop 50 50. They each schedule their own cust rs, use their own tools and supplies, and collect payments hom their own customers Thiy each har ofthe antes and tho property tais OMark and Mat are a partnership because they co-own the business and both work at the location. O Mark and Matt are co-owners of the property but run their businesses independent of each other. They spit certan building expenses. They are not a parmership. O Mark and Matt are a partnership and must fle a Fom 1065 and Mamust fle as a tership and set up a formal agreement because tey spe Pecoeofthe utit" and Peperty an oMark for follow up

Explanation / Answer

Mark and Matt are a partnership and must files a Form 1065. From 1065 ia an information used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. A partnership does not pay tax on its income but "passes through' any profits or losses to its partners on a schedule K-1.

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