Mark for follow up Question 32 of 75. Partnerships should report information regarding each trade or business of the partnership and: Reduce the ordinary income on page 1. Form 1065 for any non-specified businesses for the Qualified Business Income deduction Report on Schedule K-1, line 20, and provide specific information to the partners of their share of Qualified Business Incom 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 Provide information on the partnership's Schedule K, page 4 of Form 1065 that will reduce ordinary income by 20%. items Mark for follow up Question 33 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20,000. If the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15.000 $20,000 $25,000 $35,000 Mark for follow up Question 34 of 75. Which statement regarding book capital accounts and the tax capital account is incorrect? Both can have a negative balance O The book capital account and the tax capital account may vary due to depreciation. The book capital account reflects adjusted basis while the tax capital account reflects the fair market value The book capital account and the tax capital account may vary because of a revaluation of assets. Mark for follow up Question 35 of 75. For partnerships, the qualified business income (Gen items reported on Schedule K-1 should include the Section 199A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. Mark for follow up