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Respond to the following in a minimum of 175 words: Discuss whether partnerships are flow-through entities and if so, the tax implications associated with this.

Respond to the following in a minimum of 175 words:

Discuss whether partnerships are flow-through entities and if so, the tax implications associated with this.

Discuss the basic tax filing requirements of a partnership.

Provide an example of a guaranteed payment and why it is so important for the partner's income recognition.

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