Joshua and Ryan are partners in Minimal Resources. Minimal Resources should report information regarding each trade or business of the partnership and do which of the following with the qualified business income (QBI) information?

1- Report on Schedule K-1 (Form 1065), line 20, and provide specific information to the partners of their share of QBI items.

2- Reduce the ordinary income on page 1, Form 1065 for any non-specified businesses for the QBI deduction.

3- Provide information on the partnership's Schedule K, page 4 of Form 1065 that will reduce ordinary income by 20%.

4- Make an adjustment on the partnership's Schedule M-2 for the QBI; that will be a deduction to the partners' capital accounts.

Answer rating: 100% (QA)

Form 1065 It is one of the US Return forms for the partnership income The partnership ... View the full answer