Deductibility limits for partner remuneration and interest narrowed by amendment to section 40, contracting referenced provisions and omitting a clause. Amendment to section 40 substitutes the cross-reference 'sections 30 to 39' with 'sections 30 to 38' and omits clause (c). A previously inserted replacement for clause (b) (now omitted) had imposed detailed restrictions on deductibility of partner remuneration and interest, defined whole-time working partner and book-profit, and addressed payments by associations and members acting in representative capacity.
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Deductibility limits for partner remuneration and interest narrowed by amendment to section 40, contracting referenced provisions and omitting a clause.
Amendment to section 40 substitutes the cross-reference "sections 30 to 39" with "sections 30 to 38" and omits clause (c). A previously inserted replacement for clause (b) (now omitted) had imposed detailed restrictions on deductibility of partner remuneration and interest, defined whole-time working partner and book-profit, and addressed payments by associations and members acting in representative capacity.
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