The primary purpose of the partnership agreement is to document the various tax elections made by the partners regarding depreciation methods, treatment of research and experimental costs, calculation of the § 199 deduction, and the § 754 election.

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The primary purpose of the partnership agreement is to establish the terms and conditions of the partnership, including the financial and managerial responsibilities of each partner, the distribution of profits and losses, and the procedures for admitting or withdrawing partners. While the partnership agreement may document tax elections made by the partners, this is not its primary purpose.

The Primary Purpose of the Partnership Agreement Is to Document