Code AG. Gross receipts for section 448(c). Your 2020 tax return should include the amounts only from tax year 2020.
For tax years ending after December 30, 2020, partners in a partnership must include a share of partnership gross receipts (defined in Proposed Regulations section 1.448-1T(f)(2)(iv) in proportion to their share of gross income under section 703, these are not deductible to the partnership (unless the partnership is treated as one person under the aggregation rules of section 448(c)).
Partnerships with gross receipts greater than $5 million are required to report to their partners their distributive share of current year gross receipts. If a partnership and a partner are treated as a single employer under the section 448(c) aggregation rules, and the partnership has current year gross receipts greater than $5 million, then the partnership should report its total current year gross receipts to that partner. See Regulations section 1.163(j)-2(d)(iii) and IRS.gov/newsroom/faqs-regarding-the-aggregation-rules-under-section-448c2–that-apply-to-the-section-....
Note - ** If a partner needs gross receipts information from a partnership in order to figure the gross receipts test under section 448(c), and the partnership did not report gross receipts on the Schedule K-1, the partner should request this information from the partnership.
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Code Z - How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient? If you have any QBI related items on the statement, answer YES to the Does your K-1 have a code Z in it? question.
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