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Partnerships Allocate Income, Deduction, Loss, and Credit Items

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S-corporations must allocate their income to each shareholder on a strictly pro rata, per day basis. Is this also true with respect to partnerships? How do partnerships allocate income, deduction, loss, and credit items to partners?

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The solution discusses howpartnerships allocate income, deduction, loss, and credit items to partners.

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Income and losses are allocated to each of the partners based on the profit and ...

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