The designated person in a partnership who receives tax notifications from the Internal Revenue Service, has the authority to enter into tax agreements on the behalf of the partnership and is responsible for keeping all partners informed of any applicable tax issues. This person is either a designated general partner or the general partner with the largest ownership share.

Income Tax

An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of more

Taxable income

Taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items of income and is reduced by more