Partnership Receiving Partnership Income

[equinecpa]

I'm completing a return for a partnership that receives Partnership income from several investments (sole source of income). Each partner is attributed a different share of the partnership flow through income. I have a couple of questions:

1) At risk - is a correct to prepare a 6198 for each K-1 the Partnership Receives as part of the 1065? Or is not necessary at the partnership level?

2) Allocating income: I'm currently creating a spreadsheet in excel documenting the %'s of each income stream allocated to each partne. For section L of the K-1 do I just input what the partner ownership % averages too (I'm going to calculate the figure to enter in that box, but I was wondering how I get the % ownership in this partnership?

Are there any other issues I need to be aware of when handling an entity that is flowing through passive income?

Thanks

Carolyn

[equinecpa]

I think I have answered question 1 by reading the instructions (imagine that!). A partnership is not one of the entities listed as required to file a form 6198 (I imagine because it's all pass through income).