Unique Skill ID: KS127L265PWDSWM9PV98

Partnership Tax

The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code. Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income. Instead, the owners of the entity pay tax on their "distributive share" of the entity's taxable income, even if no funds are distributed by the partnership to the owners. Federal tax law permits the owners of the entity to agree how the income of the entity will be allocated among them, but requires that this allocation reflect the economic reality of their business arrangement, as tested under complicated rules.

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ASC 740 (Accounting For Income Taxes)
Accounting For Income Taxes
Corporate Tax
Foreign Tax Credit
Franchise Tax
International Taxation
Tax Compliance
Tax Management
Tax Research
Taxable Income

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