[FoRK] Obama disingenuousness
<sdw at lig.net> on
Fri Apr 25 00:43:12 PDT 2008
I used to have a real, live, legal partnership. Usually a bad idea.
The allocated percentage of income in a partnership is treated just like
any other standard Schedule C income to each partner, as if you were a
So, individuals should be able to do this same calculation of tax due to
the "nature of that income".
Rob Harley wrote:
> I'll stay on-list thanks and quote:
> "Partnership profits are taxed not to the partnership; instead
> partners are taxed
> on allocations of partnership income, and the nature of that income (capital or
> ordinary) "flows-through" to the partners. As a result, the investment
> managers are able to have income for performance of services taxed at the 15%
> capital gains rate."
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