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If your partnership is considered the General Partner in the investment partnership, the Ordinary income is essentially the performance fee or allocation you receive for the effort and is correctly identified as SE income to be passed to your partners. If this is not the case, you should not be receiving a K-1 with Ordinary Business Income listed and you need to contact the investment partnership to get clarification and/or a corrected Schedule K-1.
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March 27, 2023
9:01 AM