Change in firm constitution limits carried forward losses attributable to retired or deceased partners beyond their prior-year profit share. The amendment restricts the firm's entitlement to carry forward and set off losses following a change in constitution caused by a retiring or deceased ... Summary
Change in firm constitution limits carried forward losses attributable to retired or deceased partners beyond their prior-year profit share.
The amendment restricts the firm's entitlement to carry forward and set off losses following a change in constitution caused by a retiring or deceased partner, disallowing carry-forward of that partner's proportionate loss to the extent it exceeds the partner's share of profits, if any, in the previous year.
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