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TAXATION OF THE INCOME OF FAMILY PARTNERSHIPS.

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    • Abstract:
      The article focuses on the law related to the taxation of the income of family partnerships. A partnership is an entity for the purpose of computing the amount of income, but not for the purposes of computing or levying the income tax, since, as will be seen, the members of the partnership must include in their individual returns, their distributive shares of the partnership income. The statutes make both a trust and a partnership an entity for the purpose of computing income and direct that a part of the income shall be included in the income of another taxable entity--in the one case, the beneficiary of a trust, and in the other case, the partner.