Retention of partner profit shares required as security for partners' tax liabilities; firms liable if recovery from partner fails. Registered firms must proactively retain, as security, a prescribed portion of each partner's share of firm income to meet the partner's tax liability; this duty exists prior to any assessment or notice and firms are liable for tax to the extent of amounts retained or that could have been retained if recovery from the partner fails.
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.
Retention of partner profit shares required as security for partners' tax liabilities; firms liable if recovery from partner fails.
Registered firms must proactively retain, as security, a prescribed portion of each partner's share of firm income to meet the partner's tax liability; this duty exists prior to any assessment or notice and firms are liable for tax to the extent of amounts retained or that could have been retained if recovery from the partner fails.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
