Total business profit of the partnership

Assignment Help Accounting Basics

Reference no: EM13151996

Which of the following is TRUE of the net business profit of the partnership?

The profits of a partnership are not taxable unless the partnership has over $250,000 of net profits.

The profits of a partnership are only taxable to the limited partners.

The profit is not taxable.

The profits of the partnership pass through the partnership to be taxed to the partners.

Reference no: EM13151996

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