Describe how a partnership reports its income for tax purposes. Who makes most elections related to partnership

Question:

Describe how a partnership reports its income for tax purposes. Who makes most elections related to partnership income and deductions?
What two theories underlie most partnership tax rules? As an example, contrast the theories underlying the treatments of (1) the business interest expense limitation and (2) the qualified business income deduction.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...