FEDELRAL INCOME TAX

A. Perform the calculations necessary to complete the following financial statements using the information provided in the given and the Excel templates provided.
1. Income Statement for Year 11 (Use the “Year 11 Partnership Distribution” worksheet found in the “Partnership Income and Tax” attachment below.)
2. Partnership Distribution for Year 11 (Use the “Year 11 Partnership Distribution” worksheet found in the “Partnership Income and Tax” attachment below.)

B. Write a brief discussion (suggested length of 1 paragraph) commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes

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