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Form 1065 - Schedule D-1 for Allentown Pennsylvania: What You Should Know

Income received for services rendered while not engaged in the active conduct of a part of a trade or business, but is received in one or more of the following manners:                  Directly from the taxpayer, or directly from the taxpayer's spouse, or directly from the taxpayer's dependent and spouse. Taxable business income. The income or loss from any business, as defined in section 1123(a) of the Internal Revenue Code, from which it pursues, sells, exchanges, or disposes, by the way of trade, business, or otherwise, directly or indirectly. Tax Rate on Business Income. The tax imposed on the qualified business income of the taxpayer is the least of 5% of the qualifying income or 1% of the amount of gross receipts from such business. Taxable Business Income, Part of Qualified Partnership Income. Tax rate on gross income of the taxpayer on the part of qualified partnership income which is a business of the qualified partnership or was a gain or loss on the part of qualified partnership income and income from the business of the taxpayer and which is attributable to the qualifying activity of such partnership. A qualified partnership income was qualified for this purpose if it: Is the income or gain of the taxpayer as of the beginning of the taxable year, or Is a gain or loss from the ordinary course of the taxpayer during the taxable year and the basis of the property owned by the taxpayer was less than or equal to the qualified gross income of the taxpayer for such taxable year.  Taxable Partnership Income, Part of Covered Business Income. Tax rate for qualified business income of the taxpayer on the qualifying income from the covered business activities of the qualified partnership. A covered business activity was a qualified business activity if it: Is the income or gain of the taxpayer as of the beginning of the taxable year, or Is an interest (which includes a security interest) that is income under section 1221 with respect to one taxpayer of the qualified partnership, or (ii) if the partnership is a corporation and subsection (e) of section 707 of the Internal Revenue Code does not apply to the taxpayer's interest in the partnership and §1.

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