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Can I change the % of a partnership from year to year to minimize taxes owing?

Changing partnership from a historical 60/40 to 40/60 reduces taxes owing by $1200
1 Reply

Can I change the % of a partnership from year to year to minimize taxes owing?

You should be claiming the same percentage every year as per your business partnership agreement originally filed. If you hold 60/40 of the business - you claim 60/40.

 

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