Partnership profits - unallocated
14/06/1996
Query
Whether section 1008(4) applies where the partners in a partnership decide not to allocate the full profits for a basis period to the partners
Decision
Section 1008(4) applies only where the profits to which the partners are entitled do not exhaust the profits for the period. In a case in which the partners are entitled to all of the profits but do not allocate them to any partner in particular, the sub-section does not apply.
Income Tax
Section 1008, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT962007