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TaxAct® will allocate the distributive items reported on Schedule K (Form 1065) Partners’ Distributive Share Items (on page 5) to each of the partners according to their weighted percentage of ownership. Their weighted percentage is computed on a daily basis. Enter each partner's ownership percentage at the beginning of the year through the K-1 Wizard during the Q&A.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.

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