Which of the following is true of the net business profit, Ask an Expert

Accounting

Which of the following is TRUE of the net business profit of the partnership?

a) The profits of a partnership are not taxable unless the partnership has over $250,000 of net profits.

b) The profits of a partnership are only taxable to the limited partners.

c) The profit is not taxable.

d) The profits of the partnership pass through the partnership to be taxed to the partners.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981381

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