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Taxation year for individuals

Taxation year for individuals - case to account for its...

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The Taxation Year Individuals * The taxation year for an individual taxpayer is simply the calendar year, and therefore includes the 12-month period ending on Dec. 31 of every year * Only two entities - the individual and the corp. - are subject to tax * The partnership (in this case, 50% of the profits are annually allocated to the corp.) and taxed in their hands * Even though the partnership is a non-taxable entity, it is entitled, in this
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Unformatted text preview: case, to account for its income on a Fscal-period basis and is considered to have allocated its computed income to the partners on the last day of its Fscal year * A partnership of corporations can choose any Fscal period. However, if any partner is an individual, the taxation year must be the calendar year...
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