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23 June, 12:44

A partnership's allocations of income and deductions to the partners are required to be proportionate to the partners' percentage ownership of partnership profits in order to meet the substantial economic effect tests. 1. True

2. False

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  1. 23 June, 12:51
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    A partnership's allocations of income and deductions to the partners are required to be proportionate to the partners' percentage ownership of partnership profits in order to meet the substantial economic effect tests.

    True

    Explanation:

    Equity and equality must be put in place as a yardstick to allocate such which would bring a common ground for both parties.
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Home » Business » A partnership's allocations of income and deductions to the partners are required to be proportionate to the partners' percentage ownership of partnership profits in order to meet the substantial economic effect tests. 1. True 2. False
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