Answered: What is the rate of tax for partner's…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 8MC: A well written partnership agreement should include each of the following except ________. A. how to...

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Question

What is the rate of tax for partner's distributive share from the net income of the general professional partnership?

Group of answer choices

30%

15%

None

25%

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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