Partnerships report qualified business income (QBI) of Schedule K-1 and must also: a. Reduce ordinary income on

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Partnerships report qualified business income (QBI) of Schedule K-1 and must also: a. Reduce ordinary income on page 1, Form 1065 by 20% b. Calculate the QBI deduction for each partner on their Schedule K-1 c. Make adjustments on the partnership's balance sheet on page 5, Form 1065 d. Attach a statement to each Schedule K-1 so each partner may calculate their QBI dedu