50/50 Partnership Income Tax Question

50/50 Partnership Income Tax Question

50/50 Partnership Income Tax Question

I had a business with a friend. A 50/50 partnership. The business ended up failing.

My partner never paid taxes on the business and now the IRS is coming after me. Is there anything I can do?

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Partner Capital Accounts

by Ashley
(Tempe)

When trying to figure out partner capital accounts, would rental income be included in partnership income and then allocated or would the two be allocated separately?

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Partnership Firm Having Loss

by MANOHAR
(MUMBAI)

In case of a partnership firm incurring a loss for the Assessment Year 2011-12, which form should be utilized?

What is the procedure to be followed if the assessed income is less than 8%?

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Jan 20, 2024
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starstarstarstarstar 		Appropriate Forms for Partnership Firms
by: BB

If a partnership firm experiences a loss for the Assessment Year 2011-12, it should use Form ITR-5 for filing its income tax return.

If the assessed income is less than 8%, the taxpayer should follow the regular procedure for filing the income tax return and ensure accurate reporting of income, deductions, and compliance with applicable tax laws.

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