Taxation year for individuals

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

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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 proFts 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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

This note was uploaded on 02/05/2012 for the course ACC 522 taught by Professor A.vena during the Spring '11 term at Ryerson.

Ask a homework question - tutors are online