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Business & Marketing
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English (U.S.)
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Topic:

Essential Basis for Accounting Taxation in Partnerships

Essay Instructions:

Your clients are expressing interest in forming a partnership to sell rare books through bookstores across the county. They are not aware of the complexities concerning partnership tax.
Chose two to three areas of partnership tax (for example, basis, contributions, accounting periods, accounting methods, gain recognition, and/or losses) and explain to your client how they may apply to their situation.
This does not have to be long at least 125 words

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Partnerships are usually treated as sole proprietorships and are never subjected to federal tax. Although the partnership is not subjected to tax, the partners are taxed immediately after receiving their share of the income. The partnerships are usually considered as pass-through tax entities. The partners will pay taxes on their share of the revenue received from the business partnerships. Therefore, the basis for taxation within a partnership is the individual share of the revenue. The allocation of profits is based on the number of shares owned by an individual.
Individuals involved in a partnership are responsible for paying income taxes and self-employment taxes on all the profits drawn from the partnership. The self-employment taxes mainly cont...
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