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Excellent response! Thank you very much. The explanation was exactly what I was looking for and structured in a way I completely understand.

It makes perfect sense now that I see everything works out the same. It is just a little more roundabout of a way than a simple 1065 and a K1.

I think I have a followup question that is along a similar line of thought...

If a Partner has been in the Investment Club for less than 365 days and the Partnership sells a stock that has long term capital gain status, does the "new" Parnter still get to place the long term gain on their K1? I know for certain (otherwise I am in deep trouble understanding this stuff) that the "old" Partners don't have to claim all of that gain since the "new" Partner does own some of the stock once they join.

Thanks again for the first answer!
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