2007-10-17 16:26:34 · 4 answers · asked by AnswerWhore 2 in Business & Finance ➔ Taxes ➔ United States
No-the distributions to the partners are taxable on their individual tax returns.The partnership does file an information return.
2007-10-17 16:30:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The partnership files Form 1065 and does not pay any taxes. The profit of a partnership is distributed among the partners. For this the partnership issues Form K-1 to the partners.
2007-10-17 23:39:38 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
If a partnership has employees or makes taxable sales it will owe employment tax or sales tax just like any other company. Some publicly traded partnership owe a small amount of tax on gross income.
2007-10-18 00:01:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The partnership isn't taxed directly. The income flows to the partners and is taxed there.
2007-10-17 23:36:24 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋