Items that are not required to be shown on the partners' Schedules K-1 include AMT adjustments and preferences and taxes paid to foreign countries, because AMT and the foreign tax credit are calculated by the partnership.

Question

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AMT adjustments and preferences and taxes paid to foreign countries are required to be shown on the partners' Schedules K-1 because these items affect the individual partners' tax liabilities, not the partnership's. The partnership provides this information so that the partners can accurately calculate their own AMT and foreign tax credits on their individual returns.

Items That Are Not Required to Be Shown on the Partners