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Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but passes

Partnerships file an information return to report their income, gains, losses, deductions, credits, etc.

A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax or information returns. Explain why?

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Cornerstones of Financial and Managerial Accounting

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