Tax inclusion: partners' share of firm income before dissolution counts toward tax where firm failed to retain it. The inserted Explanation clarifies that the taxable amount includes the portion of each partner's share of firm income earned before discontinuance or ... Summary
Tax inclusion: partners' share of firm income before dissolution counts toward tax where firm failed to retain it.
The inserted Explanation clarifies that the taxable amount includes the portion of each partner's share of firm income earned before discontinuance or dissolution which the firm could have retained under the retention provision but did not retain, thereby making that not-retained share subject to tax at partner level.
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