Form 58 Partnership Return of Income Nd

Instructions and help about Form 58 Partnership Return Of Income Nd

in a recent video we looked at what defines a partnership the different types of Partnerships and the different types of Partners in this video we look at what types of income Partners can receive from Partnerships I'm the tax geek and here is partnership income [Music] oversimplified you can take a look at that previous video by clicking the card above or the link in the video description in from Partnerships falls into three broad categories ordinary business income from the partnership guaranteed payments from the partnership and what are called separately stated items all of these items are reported on a Partners schedule K1 k1s are also covered in their own separate video the most common type of income a partner can receive is ordinary income from the operations of the business this is the operating revenue of the business minus the operating expenses of the business with some exceptions that we'll look at later this net ordinary income is then divided among the partners ing to th