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In general, partnerships should report information relating to qualified business income (QBI) in order to: O Reduce the amount of the partnership's ordinary income O
In general, partnerships should report information relating to qualified business income (QBI) in order to:
O Reduce the amount of the partnership's ordinary income
O Calculate the amount of each partner's OBI deduction.
- Make the appropriate adjustments on the partnership's balance sheet.
- Provide information to each partner regarding their share of certain items, so they may potentially benefit from a deduction on their individual returns
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