1
Q
How to allocate partnership profits?
A
1) Perform adjustment to profits
2) Deduct CAs
3) Split profit between partners in accordance with partnership agreement
4) Treat each partner as seperate sole trader and apply basis period rules
2
Q
How are partners joining/leaving dealt with?
A
Joining - OY rules
Leaving - CY rules
Tax Compliance
flashcards
Decks in class (20)
# Cards
-
Principles of Tax Recaps49
-
Chapter 19 - Chargeable Gains For Companies7
-
Chapter 20 - Additional Aspects of Corporation Tax9
-
Chapter 21 - Corporation Tax Losses6
-
Chapter 22 - Groups7
-
Chapter 16 - Death Estate and Valuation7
-
Chapter 17 - Reliefs and Other Aspects2
-
Chapter 18 - Corporation Tax1
-
Chapter 11 - Chargeable Gains for Individuals13
-
Chapter 12 - Capital Gains Tax Reliefs13
-
Chapter 13 - Overseas Aspect of IT and CGT12
-
Chapter 5 - Employment Income8
-
Chapter 2 - Income Tax Computation5
-
Chapter 14 - National Insurance Contributions4
-
Chapter 3 - Property Income13
-
Chapter 4 - Pensions6
-
Chapter 6 - Trading income for unincorporated businesses5
-
Chapter 7 - Capital Allowances7
-
Chapter 9 - Partnerships2
-
Chapter 10 - The Cash Basis2
