How can the classification of these figures vary based

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Reference no: EM133538135

Please answer the following regarding partnerships:

Question 1:The topic of the classification of ordinary income and losses from partnerships. What does this mean? How can the classification of these figures vary based on each partner?

Question 2: K-1s are the forms used by partnerships to report activity to the partners. When is this information required to be provided the entity's partners?

Reference no: EM133538135

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