Concerning a partnership's Form 1065, which of the following statements is not true? The partnership balance sheet on Schedule L is generally presented on a financial (book) basis. The partnership reconciles its "Income (Loss) per Books" with "Income (Loss) per Return" on Schedule M-1 or M-3. The partnership's equivalent of taxable income is reported in the "Analysis of Income (Loss)". All taxable/deductible partnership income and expense items are reported on Form 1065, page 1.
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