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How is it possible for partners to share a loss if the income?

Partnership losses are governed by Subchapter K of the IRC. It would not be possible to share a loss amongst partners if the partnership shows a net profit. It should be noted that the bottom line income or loss is sometimes incorrectly referred to as partnership taxable income. Although it is never totaled for reporting purposes, partnership taxable income is the sum of the separately stated items plus the bottom line income. Therefore, partnership taxable income is often substantially greater than partnership ordinary income. Shalom aleichem.