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Schedule K-1 - Partner's Share of Income, Credit, Deductions

Tue, 03/19/2013 - 10:22 -- tgcadmin

Each partner within the partnership uses this Schedule K-1 to report his or her share of the partnerships income, credits, deductions, etc. This form is not filed with IRS, but is simply a record-keeping requirement. Even though partnerships are not generally subject to income tax, each individual partner is liable for tax on their share of the partnership income, whether or not it is distributed.

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