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Define a partnership for tax purposes. Summarize the rules for partnership income reporting

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Finance

Define a partnership for tax purposes. Summarize the rules forpartnership income reporting

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Partnership Definition From the point of view of Federal taxation a partnership is an association of two or more people who join together to conduct a business with the motive of sharing profits or losses Rules pertinent to partnership income reporting A partnership is not a taxable entity Hence the partnership should pass on the incomes and expenses to each of its partners This    See Answer
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Define a partnership for tax purposes. Summarize the rules forpartnership income reporting

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