A partnership is a taxable entity for income tax purposes.

A. True
B. False

Question

02-08-2024
Business

Answered

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A partnership is a taxable entity for income tax purposes.

A. True
B. False

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-08-02T04:37:31-04:00

Final answer:

A partnership is not a taxable entity; individual partners pay taxes on their share of the income.

Explanation:

A partnership is NOT a taxable entity for income tax purposes. In a partnership, each partner pays taxes on their share of the income, and the business itself does not have to pay taxes. This taxation structure is one of the advantages of a partnership, providing tax benefits to individual partners.

Learn more about Partnerships and Taxation here:

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Final answer:

Explanation:

Learn more about Partnerships and Taxation here:

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