Partnership Income

 

1a GROSS RECEIPTS. 

On line 1a, enter gross receipts or sales. For service partnerships, enter fee income. Do not include rental activity income or portfolio income. Also do not include farming income.

1b LESS RETURNS OR ALLOWANCES.

Enter returns and allowances. Because service partnerships generate fee income (as opposed to sales), service partnerships typically leave line 1b blank.

3 GROSS PROFITS (1 minus 2)

LINES 2,4,5,6 and 7 

Calculations coming from other forms and schedules. Click on the lines for details.