According to IRS Pub 541 Guaranteed Payments, "Premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments. The partnership can deduct the payments as a business expense, and the partner must include them in gross income. However, if the partnership accounts for insurance paid for a partner as a reduction in distributions to the partner, the partnership cannot deduct the premiums."
From the partnership perspective, the partnership expense (insurance premiums) is equal to the partner's income (guaranteed payments).
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