Which of the following statements is true of the formation of a partnership?

Income from a business involving a partnership is taxed as individual income for each partner.

Explanation:

When it comes to "partnership," the income is not being taxed on the income that was earned by the partnership. Instead, each partner will file a tax regarding their share of income from the partnership. So, this means that each partner will be treated as an individual whose tax rate will be based on his personal income.

So, this explains the answer.