[FoRK] Obama disingenuousness

Stephen Williams <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 
sole proprietorship.

So, individuals should be able to do this same calculation of tax due to 
the "nature of that income".

sdw

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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