Bro Partners is a general partnership formed in 2018. The business provides IT services to customers. In

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Bro Partners is a general partnership formed in 2018. The business provides IT services to customers. In 2020 the business made a profit for the first time. When tax time comes around the partnership must:

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Report to each partner the profits allocated to each

Pay taxes on the profits offset by the losses in prior years

File a tax return with the IRS on or before the deadline

Related Book For answer-question

Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

ISBN: 9780135919460

34th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Posted Date: Mar 04, 2024 07:34 PM

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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts

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