Fundamentals of Taxation
Quiz 14: Partnership Taxation
Guaranteed payments are the only items that are reported both as a deduction for ordinary income and as a separately stated item.
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Guaranteed payments are always determined with regard to partnership income.
All income and expense items of a partnership that may be treated differently at the partner level must be "separately stated."
Partnership income or loss and separately stated items are reported to the individual partners via Schedule K-1.
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