Mark for follow up Question 15 of 35. Gross revenue minus cost of goods sold (COGS) is often referred to as Net profit. Absorption rate. Gross margin Net Income. Mark for follow up Mark for follow up Question 32 of 75. Partnerships should report information regarding each trade or business of the partnership and: O Reduce the ordinary income on page 1. Form 1065 for any non-specified businesses for the Qualified Business Income deduction. O Report on Schedule K-1, line 20, and provide specific information to the partners of their share of Qualified Business Incom items. O Make an adjustment on the partnership's Schedule M-2 for the Qualified Business Income that will be a deduction to the partner's accounts O Provide information on the partnership's Schedule K, page 4 of Form 1065 that will reduce ordinary income by 20%