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Good day sir,
1) why partnership is considered a business income, in the case when partnership is consists of uncorporated individuals? sir, could you give me more example on partnership private expenses?
2) lets say a business bought a capital asset in 2016 , but business commence in 2017, in this case, capital allowance is claimable in the year of commencement right sir?1) A partnership IS an unincorporated business – not sure what you mean by “partnership private expenses” – if a business incurs a private expense of a partner it will be treated in exactly the same way as for a sole trader and disallowed in the adjustment of profit
2) Pre-trading capital expenditure is treated as being incurred on the first day of trading of the businessunincorporated entities consist of (individuals) include
1) sole proprietor forming his/her own business
2) partnershipright sir? and the treatment of it are looking on individual basis
whereas incorporate entities are solely business, and the tax treatment of it are looking at the company basis.
thank you sir
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