Wealth tax exemption for firm-owned house does not extend to partners' individual wealth assessments, Board notes pending broader query. The taxing authority's position is that a house owned by a firm does not entitle the firm's partners to the house-related wealth-tax exemption in their individual net wealth assessments; the broader question of whether exemptions apply in computing a firm's net wealth under the wealth-tax rules remains under consideration.
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Wealth tax exemption for firm-owned house does not extend to partners' individual wealth assessments, Board notes pending broader query.
The taxing authority's position is that a house owned by a firm does not entitle the firm's partners to the house-related wealth-tax exemption in their individual net wealth assessments; the broader question of whether exemptions apply in computing a firm's net wealth under the wealth-tax rules remains under consideration.
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