If you are asking this question, I strongly suggest that you meet with a tax professional for some guidance in this initial year.
This question should have been addressed in the partnership agreement that should have been drafted before the partnership even began operations. This is not only important for tax allocation purposes, but it is VERY important in the event there are disagreements amongst partners or a partner wants to leave, etc. If you do not have a partnership agreement I strongly suggest you ask for a recommendation from a tax professional (assuming this individual is not an attorney).
Partnership tax is not for the feint of heart and can get complicated very quickly regardless of size; depending on what transactions occur.
Penalties for failure to file (or late) a partnership return can get expensive very quickly.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
