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According to the "random events" theory of biological aging,
Ordinary Income
Income earned through salaries, wages, commissions, and interest, subject to standard tax rates.
Long-term Capital Gains
Profit from the sale of an asset held for more than one year, typically taxed at a lower rate than ordinary income.
Special Allocations
In partnership taxation, the distribution of income, gain, loss, deduction, or credit to partners in a way that does not directly correspond to their ownership percentage.
Partnership Agreement
A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.
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