How are the profits of a partnership taxed 2024?
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Partnerships themselves are not actually subject to Federal income tax. Instead, they -- like sole proprietorships -- are pass-through entities. While the partnership itself is not taxed on its income, each of the partners will be taxed upon his or her share of the income from the partnership.
2023-05-13 00:39:35
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Ethan Gonzales
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Partnerships themselves are not actually subject to Federal income tax. Instead, they -- like sole proprietorships -- are pass-through entities. While the partnership itself is not taxed on its income, each of the partners will be taxed upon his or her share of the income from the partnership.