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of <h1>Certified partnership instrument specifying shares required for firm assessment; revised filing on change; payments disallowed under s.144 and s.28(v)</h1> A firm is to be assessed as a firm if the partnership is evidenced by an instrument that specifies each partner's share; a certified copy of that instrument must accompany the firm's return when assessment as a firm is first sought (certification by all non-minor partners or appropriate representatives if dissolved). If the firm is so assessed for one year it remains assessed as a firm in subsequent years unless the instrument's constitution or partner shares change, in which case a certified revised instrument must be filed. If the firm commits the failures under section 144, payments to partners described as interest, salary, bonus, commission or remuneration are disallowed as deductions and are not taxable under clause (v) of section 28.
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