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of <h1>How partners' or members' income shares and remuneration are computed, apportioned, and adjusted for profits or losses</h1> Provision prescribed how a partner's or a member's share of a firm's or association's income or loss is computed: remuneration (interest, salary, commission, etc.) paid to partners/members is first deducted from the entity's total income and the balance apportioned among partners/members; if the apportioned amount is a profit, amounts paid to the partner/member are added back, and if a loss, such amounts are adjusted against it. Shares are allocated under the same heads of income as the entity. Interest on capital borrowed for investment in the entity is deductible from the partner's/member's business income, and losses of a registered firm may be set off or carried forward per chapter rules.
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