Member's share in association income: deduct member payments, apportion balance, then add or adjust remunerations. A member's share is computed by deducting any interest, salary, bonus, commission or remuneration paid to members from the association's total income and ... Summary
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.
Member's share in association income: deduct member payments, apportion balance, then add or adjust remunerations.
A member's share is computed by deducting any interest, salary, bonus, commission or remuneration paid to members from the association's total income and apportioning the balance among members; if the apportioned amount to a member is a profit the remuneration paid to that member is added to that amount, if a loss the remuneration is adjusted against it. The computed share is apportioned among the same heads of income as those used for the association, and interest on capital borrowed by a member for investment in the association is deductible under Profits and Gains of Business or Profession.
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