Joint and several liability of partners for firm tax continues until the Commissioner receives notice of retirement. Partners are jointly and severally responsible with their firm for payment of any tax, interest, or penalty under the Act. A retiring partner remains liable for obligations up to the date of retirement unless written notice of retirement is given to the Commissioner; failure to give such notice within one month prolongs the partner's liability until the notice is received.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Joint and several liability of partners for firm tax continues until the Commissioner receives notice of retirement.
Partners are jointly and severally responsible with their firm for payment of any tax, interest, or penalty under the Act. A retiring partner remains liable for obligations up to the date of retirement unless written notice of retirement is given to the Commissioner; failure to give such notice within one month prolongs the partner's liability until the notice is received.
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