Page 23 - Partnerships
P. 23
PARTNERSHIPS
Framework For Calculation Taxable
Income For The Partnership
Net income for accountingpurposes xxx
• Less: Non-taxable amounts (xxx)
Add: Non-allowable expenses xxx
Add/less: special adjustments,e.g.:
¢Bad debts written off xxx xxx xxx
¢Donations xxx (xxx)
¢Insurancepolicies (xxx)
¢Annuities
¢Interestreceived
¢Taxable dividends received
= Adjusted net income/loss of partnership xxx
Apportion for each partner to profit sharing ratio
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