P-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: E-x-p-l-a-i-n- -t-h-e- -n-a-t-u-r-e- -o-f- -"-d-e-d-u-c-t-i-o-n-s- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.-" D-i-f-f-e-r-e-n-t-i-a-t-e- -"-r-e-v-e-n-u-e- -e-x-p-e-n-d-i-t-u-r-e-s-"- -f-r-o-m- -"-c-a-p-i-t-a-l- -e-x-p-e-n-d-i-t-u-r-e-s-.-"- -G-i-v-e- -e-x-a-m-p-l-e-s- -f-o-r- -e-a-c-h-. S-t-a-t-e- -t-h-e- -c-o-n-d-i-t-i-o-n-s- -i-n- -o-r-d-e-r- -t-h-a-t- -c-o-s-t-s- -a-f-t-e-r- -a-c-q-u-i-s-i-t-i-o-n- -o-f- -d-e-p-r-e-c-i-a-b-l-e- -a-s-s-e-t-s- -s-h-a-l-l- -b-e- -c-a-p-i-t-a-l-i-z-e-d-.- S-t-a-t-e- -t-h-e- -r-u-l-e- -r-e-g-a-r-d-i-n-g- -s-i-t-u-s- -o-f- -d-e-d-u-c-t-i-b-l-e- -e-x-p-e-n-s-e-s-. W-h-a-t- -a-r-e- -t-h-e- -i-t-e-m-s- -o-f- -e-x-p-e-n-s-e- -t-h-a-t- -a-r-e- -n-o-t- -d-e-d-u-c-t-i-b-l-e- -f-r-o-m- -g-r-o-s-s- i-n-c-o-m-e-?
P-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n:
E-x-p-l-a-i-n- -t-h-e- -n-a-t-u-r-e- -o-f- -"-d-e-d-u-c-t-i-o-n-s- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.-"
D-i-f-f-e-r-e-n-t-i-a-t-e- -"-r-e-v-e-n-u-e- -e-x-p-e-n-d-i-t-u-r-e-s-"- -f-r-o-m- -"-c-a-p-i-t-a-l- -e-x-p-e-n-d-i-t-u-r-e-s-.-"- -G-i-v-e- -e-x-a-m-p-l-e-s- -f-o-r- -e-a-c-h-.
S-t-a-t-e- -t-h-e- -c-o-n-d-i-t-i-o-n-s- -i-n- -o-r-d-e-r- -t-h-a-t- -c-o-s-t-s- -a-f-t-e-r- -a-c-q-u-i-s-i-t-i-o-n- -o-f- -d-e-p-r-e-c-i-a-b-l-e- -a-s-s-e-t-s- -s-h-a-l-l- -b-e- -c-a-p-i-t-a-l-i-z-e-d-.-
S-t-a-t-e- -t-h-e- -r-u-l-e- -r-e-g-a-r-d-i-n-g- -s-i-t-u-s- -o-f- -d-e-d-u-c-t-i-b-l-e- -e-x-p-e-n-s-e-s-.
W-h-a-t- -a-r-e- -t-h-e- -i-t-e-m-s- -o-f- -e-x-p-e-n-s-e- -t-h-a-t- -a-r-e- -n-o-t- -d-e-d-u-c-t-i-b-l-e- -f-r-o-m- -g-r-o-s-s- i-n-c-o-m-e-?
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W-r-i-t-e- -y-o-u-r- -u-n-d-e-r-s-t-a-n-d-i-n-g- -a-n-d- -l-e-a-r-n-i-n-g-s- -o-f- -t-h-e- -t-o-p-i-c-s- -m-e-n-t-i-o-n- -b-e-l-o-w-
I-m-p-o-r-t-a-n-t- -n-o-t-e-:- -t-h-e-s-e- -a-r-e- -a-l-l- -p-h-i-l-i-p-i-n-e- -b-a-s-e- -i-n-c-o-m-e- -t-a-x- (-i-t- -n-e-e-d- -t-o- -b-e- -u-p-d-a-t-e-d-)
T-o-p-i-c-:- -I-N-C-O-M-E- -T-A-X-E-S- -O-F- -P-A-R-T-N-E-R-S-H-I-P-S- -C-O - O-W-N-E-R-S-H-I-P-S, -&- -J-O-I-N-T- -V-E-N-T-U-R-E-S
P-a-r-t-n-e-r-s-h-i-p- -w-i-t-h- -o-t-h-e-r- -i-n-c-o-m-e- -s-u-b-j-e-c-t- -t-o- -f-i-n-a-l- -t-a-x
P-r-o-f-i-t- -s-h-a-r-e- -o-f- -a- -n-o-n - r-e-s-i-d-e-n-t- -a-l-i-e-n- -p-a-r-t-n-e-r-
C-o - O-w-n-e-r-s-h-i-p-
W-h-e-n- -c-o - o-w-n-e-r-s-h-i-p- -i-s- -s-u-b-j-e-c-t- -t-o- -i-n-c-o-m-e- -t-a-x-
J-o-i-n-t- -V-e-n-t-u-r-e-
I-n-c-o-m-e- -t-a-x- -o-f- -J-o-i-n-t- -V-e-n-t-u-r-e-s-
by Bartleby ExpertW-r-i-t-e- -y-o-u-r- -u-n-d-e-r-s-t-a-n-d-i-n-g- -a-n-d- -l-e-a-r-n-i-n-g-s- -o-f- -t-h-e- -t-o-p-i-c-s- -m-e-n-t-i-o-n- -b-e-l-o-w-
I-m-p-o-r-t-a-n-t- -n-o-t-e-:- -t-h-e-s-e- -a-r-e- -a-l-l- -p-h-i-l-i-p-i-n-e- -b-a-s-e- -i-n-c-o-m-e- -t-a-x
T-o-p-i-c-:- -I-N-C-O-M-E- -T-A-X-E-S- -O-F- -P-A-R-T-N-E-R-S-H-I-P-S-
P-a-r-t-n-e-r-s-h-i-p
G-e-n-e-r-a-l- -P-r-o-f-e-s-s-i-o-n-a-l- -P-a-r-t-n-e-r-s-h-i-p-
- -E-n-g-a-g-e-d- -i-n- -C-o-m-m-e-r-c-i-a-l- -A-c-t-i-v-i-t-y-
G-e-n-e-r-a-l- -C-o-P-a-r-t-n-e-r-s-h-i-p
P-a-r-t-n-e-r-s-h-i-p-’-s- -I-t-e-m-i-z-e-d- -D-e-d-u-c-t-i-o-n- -v-s-.- -O-S-D-
P-a-r-t-n-e-r-’-s- -c-o-n-t-r-i-b-u-t-i-o-n-s-
S-a-l-e- -o-f- -P-a-r-t-n-e-r-’-s- -C-a-p-i-t-a-l
by Bartleby ExpertW-r-i-t-e- -y-o-u-r- -u-n-d-e-r-s-t-a-n-d-i-n-g- -a-n-d- -l-e-a-r-n-i-n-g-s- -o-f- -t-h-e- -t-o-p-i-c-s- -m-e-n-t-i-o-n- -b-e-l-o-w-
I-m-p-o-r-t-a-n-t- -n-o-t-e-:- -t-h-e-s-e- -a-r-e- -a-l-l- -p-h-i-l-i-p-i-n-e- -b-a-s-e- -i-n-c-o-m-e- -t-a-x- -(-i-t- -n-e-e-d- -t-o- -b-e- -u-p-d-a-t-e-d-)
T-o-p-i-c-:- T-R-U-S-T-S-
-I-n-c-o-m-e- -d-e-r-i-v-e-d- -f-r-o-m- -t-r-u-s-t-s-
- -C-o-m-p-u-t-a-t-i-o-n-s- -o-f- -t-r-u-s-t-’-s- -i-n-c-o-m-e- -t-a-x-
- -O-n-e- -t-r-u-s-t-
- -T-w-o- -o-r- -m-o-r-e- -t-r-u-s-t-s-
-T-r-u-s-t- -a-s- -a- -d-e-v-i-c-e- -t-o- -l-o-w-e-r- -i-n-c-o-m-e- -t-a-x-
- -R-e-v-o-c-a-b-l-e- -T-r-u-s-t-s-
by Bartleby ExpertW-h-a-t- -i-s- -S-C-H-E-D-U-L-E- -O-F- -C-O-M-P-R-O-M-I-S-E- -P-E-N-A-L-T-Y- -i-n- -t-h-e- -P-h-i-l-i-p-p-i-n-e-s-? -w-h-y- -i-t- -i-s- -n-e-e-d- -t-o- -b-e- -u-p-d-a-t-e-d- -o-r- -r-e-v-i-s-e-d-?-
W-r-i-t-e- -a -u-n-d-e-r-s-t-a-n-d-i-n-g- -o-r- -l-e-a-r-n-i-n-g- -a-b-o-u-t- -t-h-e- -S-C-H-E-D-U-L-E- -O-F- -C-O-M-P-R-O-M-I-S-E- -P-E-N-A-L-T-Y- i-n- -t-h-e- -P-h-i-l-i-p-p-i-n-e-s-
w-h-a-t- -a-r-e- -t-h-e- -p-o-i-n-t-e-r-s- -h-i-g-h-l-i-g-h-t- -a-b-o-u-t- -i-t-?
I-m-p-o-r-t-a-n-t- -n-o-t-e-:- T-h-i-s- -i-s- -b-a-s-e- -o-n- -P-h-i-l-i-p-i-n-e-s- -i-n-c-o-m-e- -t-a-x-a-t-i-o-n
by Bartleby ExpertP-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: (a-s- -m-u-c-h- -a-s- -p-o-s-s-i-b-l-e- -p-l-e-a-s-e- -s-t-a-t-e- -a- -p-r-o-v-i-s-i-o-n)
W-h-a-t- -a-r-e- -t-h-e- -l-i-m-i-t-s- -f-o-r- -t-h-e- -a-m-o-u-n-t -o-f- -c-h-a-r-i-t-a-b-l--e- -c-o-n-t-r-i-b-u-t-i-o-n-s- -t-h-a-t- -c-o-u-l-d- -b-e- -d-e-d-u-c-t-e-d- -f-r-o-m- -g-r-o-s-s- -b-u-s-i-n-e-s-s- -i-n-c-o-m-e-?-
W-h-y- -a-r-e- -c-o-n-t-r-i-b-u-t-i-o-n-s- -t-o- -p-o-l-i-t-i-c-a-l- -p-a-r-t-i-e-s- -n-o-n-d-e-d-u-c-t-i-b-l-e- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-?-
E-x-p-l-a-i-n- -t-h-e- -t-a-x- -i-n-c-e-n-t-i-v-e-s- -t-o- -a-d-o-p-t-i-n-g- -p-r-i-v-a-t-e- -e-n-t-i-t-i-e-s- -a-c-c-o-r-d-i-n-g- -t-o- RA 8525 p-a-g-e- -t-o- -y-o-u-r- -p-r-o-f e-s-s-o-r.
by Bartleby ExpertP-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: (a-s- -m-u-c-h- -a-s- -p-o-s-s-i-b-l-e- -p-l-e-a-s-e- -s-t-a-t-e- -a- -p-r-o-v-i-s-i-o-n)
G-i-v-e- -t-h-e- -v-a-l-u-a-t-i-o-n- -e-q-u-i-v-a-l-e-n-t-s- -o-f- -a-s-s-i-s-t-a-n-c-e- -o-r- -d-o-n-a-t-i-o-n- -a-s- -s-t-a-t-e-d- -i-n- RA 8525
G-i-v-e- -t-h-e- -a-l-l-o-w-e-d- -t-a-x- -t-r-e-a-t-m-e-n-t-s- -f-o-r- -r-e-s-e-a-r-c-h- -a-n-d- -d-e-v-e-l-o-p-m-e-n-t- -c-o-s-t-.
E-n-u-m-e-r-a-t-e- -t-h-e- -s-p-e-c-i-a-l- -d-e-d-u-c-t-i-o-n-s- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-.- -D-i-s-c-u-s-s- -t-h-e-i-r- -r-e-s-p-e-c-t-i-v-e- -t-a-x- -d-e-d-u-c-t-i-b-i-l-i-t-y- -t-r-e-a-t-m-e-n-t-.
by Bartleby ExpertP-l-e-a-s-e- -a-n-s-w-e-r- -t-h-e- -f-o-l-l-o-w-i-n-g- -b-a-s-e- -i-n- -P-h-i-l-i-p-p-i-n-e- -i-n-c-o-m-e- -T-a-x-a-t-i-o-n: (a-s- -m-u-c-h- -a-s- -p-o-s-s-i-b-l-e- -p-l-e-a-s-e- -s-t-a-t-e- -a- -p-r-o-v-i-s-i-o-n)
S-t-a-t-e- -t-h-e- -r-u-l-e- -r-e-g-a-r-d-i-n-g- -s-i-t-u-s- -o-f- -d-e-d-u-c-t-i-b-l-e- -e-x-p-e-n-s-e-s-.
W-h-a-t- -a-r-e- -t-h-e- -i-t-e-m-s- -o-f- -e-x-p-e-n-s-e- -t-h-a-t- -a-r-e- -n-o-t- -d-e-d-u-c-t-i-b-l-e- -f-r-o-m- -g-r-o-s-s- i-n-c-o-m-e-?
D-i-s-t-i-n-g-u-i-s-h- -"-d-e-f-i-n-e-d- -b-e-n-e-f-i-t- -p-l-a-n-"- -f-r-o-m- -"-d-e-f-i-n-e-d- -c-o-n-t-r-i-b-u-t-i-o-n- -p-l-a-n-.-"-
W-h-a-t- -a-r-e- -t-h-e- -l-i-m-i-t-s- -f-o-r- -t-h-e- -a-m-o-u-n-t -o-f- -c-h-a-r-i-t-a-b-l--e- -c-o-n-t-r-i-b-u-t-i-o-n-s- -t-h-a-t- -c-o-u-l-d- -b-e- -d-e-d-u-c-t-e-d- -f-r-o-m- -g-r-o-s-s- -b-u-s-i-n-e-s-s- -i-n-c-o-m-e-?-
W-h-y- -a-r-e- -c-o-n-t-r-i-b-u-t-i-o-n-s- -t-o- -p-o-l-i-t-i-c-a-l- -p-a-r-t-i-e-s- -n-o-n-d-e-d-u-c-t-i-b-l-e- -f-r-o-m- -g-r-o-s-s- -i-n-c-o-m-e-?-
by Bartleby Expert