1.How are partners in a partnership taxed on their distributive share of the partnership's income?...
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Accounting
1.How are partners in a partnership taxed on their distributive share of the partnership's income?
1a.How does this distribution impact their basis in their partnership interest?
1b. How are distributions of cash to a partner taxed and what is the impact of the distribution on the partner's partnership interest?
1c.What is a guaranteed payment and how is this taxed and what impact does it have on the partner's basis in the partnership interest.
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