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hello and welcome to the session and which would look at measuring income of partnership so how do we allocate income to the partnership and how do we measure the amount of income okay calculation of partnership income is a two-step approach why two-step approach because we have two type of income basically we have the net ordinary income and expenses related to the trait of a business we know this as non separately stated item we're gonna have a small small exception here for this item here and we're gonna have the separately stated item which has the we are which are segregated and reported separately okay so just like an S corporation if an item of income expense gain or loss might affect two partners liabilities in two different ways and that's why we have separately stated item and non separately stated item separately stated item a fall under the aggregate concept each partner owns a specific share of each item of the partnership income loss or deduction basically you still own...
