https://www.taxtmi.com/circulars?id=4620 A circular directs a prescribed method for computing the value of a partner's right to share firm profits without a right to share the assets, instructing Commissioners of Income-tax and Gift-tax to apply the calculation procedure set out in the annexure when assessing such profit sharing rights for gift tax purposes. The directive establishes that the monetary worth of this income entitlement, distinct from any interest in firm assets, must be determined by the specified annexed mechanism. en-us Mon, 30 May 1977 00:00:00 +0530 Thu, 31 Jul 2008 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4620 A circular directs a prescribed method for computing the value of a partner's right to share firm profits without a right to share the assets, instructing Commissioners of Income-tax and Gift-tax to apply the calculation procedure set out in the annexure when assessing such profit sharing rights for gift tax purposes. The directive establishes that the monetary worth of this income entitlement, distinct from any interest in firm assets, must be determined by the specified annexed mechanism. Circulars Income Tax Mon, 30 May 1977 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4620