Partner's Share
A partner is taxed according his or her share of the profits or losses generated by the partnership excluding partnership losses brought forward under section 19C.
The partner's share in this partnership is governed by Inland Revenue Ordinance, Chapter 112, section 22B. Said partner's share equals to the sum of contributions made to the partnership as capital less distributions or constructive distributions. Such contributions may also include the partner's share of the profits plowed back into the partnership. The partner's share is then added to the remaining partners to determine the proportionate share amendable also by any partnership agreement.
Read more about this topic: Partnership Taxation (Hong Kong)
Famous quotes containing the words partner and/or share:
“Plantin’ and readin’, plantin’ and readin’. Fill a man full of lead, stick ‘em in the ground, and then read words on ‘em. Why when ya killed a man, why try to read the Lord in as a partner on the job.”
—Borden Chase [Frank Fowler] (1900–1971)
““... But let’s forgive him.
We’ve had a share in one night of his life.
What’ll you bet he ever calls again?””
—Robert Frost (1874–1963)