Deemed Business Income: sums received after business discontinuance treated as recipient's taxable income when they would've been before discontinuance. An amendment inserts a deeming provision into Section 176: any sum received after discontinuance of a business is charged to tax in the year of receipt if ... Summary
Deemed Business Income: sums received after business discontinuance treated as recipient's taxable income when they would've been before discontinuance.
An amendment inserts a deeming provision into Section 176: any sum received after discontinuance of a business is charged to tax in the year of receipt if it would have been included in the total income of the person who carried on the business had it been received before the discontinuance.
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