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Griffin Patrick K refers to IRS Form 1065: U.S. Return of Partnership Income, commonly known as Schedule K. It is used to report income, deductions, gains, losses, etc., from partnerships.
Generally, partnerships in the United States are required to file Form 1065, which includes Schedule K for reporting the partnership's financial activity.
To fill out Schedule K, partnerships must report items like income, deductions, and credits. Each partner's share of these items is passed through and reported on their individual returns.
The purpose of Schedule K is to summarize the financial activity of a partnership for the IRS and allocate each partner's share of the income and deductions.
Information such as total income, deductions, credits, and distributions to partners must be reported on Schedule K.
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