Assessment of firms requires a certified partnership instrument specifying partner shares; revised instruments must be filed on change. Assessment as a firm is required where a partnership instrument evidences the partnership and specifies partners' individual shares; a certified copy of that instrument must accompany the firm's return when assessment as a firm is first sought, certified in writing by all partners (excluding minors) or, after dissolution, by former partners and legal representatives of deceased partners. A firm assessed as such remains so unless the constitution or shares change, and if changes occur a certified revised instrument must be filed. Certain failures by the firm trigger denial of deductions for payments to partners and render those payments not chargeable under the referenced provision.
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 of firms requires a certified partnership instrument specifying partner shares; revised instruments must be filed on change.
Assessment as a firm is required where a partnership instrument evidences the partnership and specifies partners' individual shares; a certified copy of that instrument must accompany the firm's return when assessment as a firm is first sought, certified in writing by all partners (excluding minors) or, after dissolution, by former partners and legal representatives of deceased partners. A firm assessed as such remains so unless the constitution or shares change, and if changes occur a certified revised instrument must be filed. Certain failures by the firm trigger denial of deductions for payments to partners and render those payments not chargeable under the referenced provision.
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