Assessment coordination: partners' tax assessments must follow firm assessments to ensure partner assessments reflect final profit shares. Assessing officers must coordinate timing and content of partner assessments with the firm's assessment: where the same officer assesses both, partners' assessments should be completed only after the firm's assessment; where different officers are involved, the partner's officer must obtain the firm's assessment order. If a partner is assessed earlier, the firm's officer must communicate the firm-determined share of profits so the partner's assessment can be rectified.
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 coordination: partners' tax assessments must follow firm assessments to ensure partner assessments reflect final profit shares.
Assessing officers must coordinate timing and content of partner assessments with the firm's assessment: where the same officer assesses both, partners' assessments should be completed only after the firm's assessment; where different officers are involved, the partner's officer must obtain the firm's assessment order. If a partner is assessed earlier, the firm's officer must communicate the firm-determined share of profits so the partner's assessment can be rectified.
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