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Notes Online Home 2017 Income Tax Basics Day 2 Partnerships and Trusts
Generally speaking, the principles discussed in relation to the preparation of a company tax return apply equally to trusts and partnerships. One of the main differences, however, arises in relation to who is liable to pay the tax on the taxable income of a trust or partnership.
These notes focus on the distribution of taxable income by a trust or partnership, as well as the distribution of partnership tax losses.