Assessment as a firm: conditions for firm assessment and consequences of noncompliance leading to assessment as association of persons. A partnership is eligible for assessment as a firm only if the partnership is evidenced by an instrument specifying each partner's share; a certified copy of that instrument must accompany the firm's return when firm assessment is first sought, the return must be signed and verified by all adult partners, and where constitution or shares change a revised certified instrument must be filed; specified failures cause the firm to be assessed as an association of persons.
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.
Provisions expressly mentioned in the judgment/order text.
Assessment as a firm: conditions for firm assessment and consequences of noncompliance leading to assessment as association of persons.
A partnership is eligible for assessment as a firm only if the partnership is evidenced by an instrument specifying each partner's share; a certified copy of that instrument must accompany the firm's return when firm assessment is first sought, the return must be signed and verified by all adult partners, and where constitution or shares change a revised certified instrument must be filed; specified failures cause the firm to be assessed as an association of persons.
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