Mode of valuing the net wealth of a firm/association i.e. whether the net wealth of a firm is to be determined in accordance with the provisions of the wealth-tax Act or in accordance with commercial principals
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Net wealth valuation: whether firm net worth follows Wealth tax Act definitions or commercial accounting principles. Whether a firm's net wealth for valuing a partner's interest is determined by the Wealth tax Act's definition or by commercial principles under Rule 2(1). ... Summary
Net wealth valuation: whether firm net worth follows Wealth tax Act definitions or commercial accounting principles.
Whether a firm's net wealth for valuing a partner's interest is determined by the Wealth tax Act's definition or by commercial principles under Rule 2(1). Rule 2(1) requires first determining the firm's net wealth on the valuation date and then allocating it among partners; courts differ on whether exclusions in the Act's asset definition apply to that computation. The Board has accepted the view that the Act's definition governs the firm's net wealth for Rule 2 purposes.
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