Page 93 - F6 Slide - Taxation - Lecture Day 2 Class

Partnership

• A partnership is not a separate legal persona.

• This means that tax is assessed on the specific

partner rather than the partnership.

• The income of the partnership is allocated to

each partner based on the share of profits

agreement and the allowable deductions are

based on the allocation of income.

• In case that the share of profits does not exist

the allocation is equal amongst the partners.

• For capital gain purposes the allocation is equal

amongst the partners.

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