Partnership tax question - does the "schedule of activities" that some software prints for every K-1 (when you have multiple activities) have any actual use for the partners?

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Yes. Technically each activity should be considered separately for passive activity loss purposes, however this rarely happens in practice

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It also applies for at risk purposes and it should be tracked at the 1040 level for every client that every firm does.

We do do it at my big4 this way properly if people are following what we tell them.

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Yes, the activities are supposed to be tracked separately at the individual partner/shareholder level.

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