Form 541 - Partnerships - Department Of The Treasury - Internal Revenue Service - 2010 Page 13

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the end of the partnership tax year for which the
Former partners who continue to make guar-
partnership is terminated can deduct the pay-
payments are a distributive share or in which the
anteed periodic payments to satisfy the partner-
ments as a business expense in the year paid.
partnership is entitled to deduct them as guaran-
ship’s liability to a retired partner after the
teed payments.
Publication 541 (December 2010)
Page 13

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Parent category: Financial