Tutorials Partnerhip

Depreciation in the SOPL is allowed as a tax deduction.

• True
• False

Each partner must report their share of profit in their own tax return.

• True
• False

Partners’ salaries are deductible when calculating divisible income.

• True
• False

Salaries paid to partners are treated as deductible business expenses for the partnership.

• True
• False

Losses from a partnership can be used to offset other income on a partner’s personal tax return.

• True
• False