849 Calculation of firm's profits or losses
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Calculation of partners' shares

849  Calculation of firm's profits or losses

(1)     If—

(a)     a firm carries on a trade, and

(b)     any partner in the firm is chargeable to income tax,

the profits or losses of the trade are calculated

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