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A taxpayer who receives a Schedule K-1 (Form 1120S) typically: Is the beneficiary of a decedent's trust. Is an individual who owns shares of common

A taxpayer who receives a Schedule K-1 (Form 1120S) typically: Is the beneficiary of a decedent's trust. Is an individual who owns shares of common stock in an S corporation. Holds an interest in a partnership or is a member of an LLC filing as a partnership. Is drawing income from the partnership that is always self-employment income.

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