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Hi, I’m trying to learn about investment partnership accounting and was wondering if someone might be some expertise in this area.

How should the NAV of a partnership share be calculated to stay fair to partners if they buy or sell at different times? With a tax accrual I’d think? Anything else? Does this get really complicated?

Is anything be done regarding highwater marks if someone joins the fund when there’s currently a shortfall? I.e. Performance is owed to old partners but not to the new one.

Any good articles or resources are welcome too, thanks.
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