The problem with partnerships is that the 1065 is due on the same day as the 1040. If the same accountant is doing the partnership and partner returns, he can do them all at once, and then the partners only have to come in once to sign both returns.
If it's a publicly traded partnership and management doesn't get the returns done before the deadline, your 1040 has to be extended. Fortunately, most of the PTPs I dealt with finished their 1065s a month early, and many of them would allow me to download a .pdf of the K-1.
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