With Regard To Taxation Of Partnerships, Which Of The Following Statements Is Correct?

(Correct Answer Below)

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With Regard To Taxation Of Partnerships, Which Of The Following Statements Is Correct?

A. Partnership income is exempt from taxes. B. The partnership is taxed as a separate entity. C. Each partner is taxed on his / her share of the partnerships profits. D. Profits are taxed twice. E. Taxes are paid on a partnership's profits, after which each partner pays taxes on his or her share of the profits.
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C. Each partner is taxed on his / her share of the partnerships profits.

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