Posted: March 24th, 2015

Distinguishing a Partnership From the Co-Ownership of Property

Distinguishing a Partnership From the Co-Ownership of Property

Assume that two individuals, each of whom is engaged in the business of providing whale watching tours, jointly acquire a fishing vessel. Each individual uses the boat

in his separate business, and neither accounts to the other for profits earned from his separate use of the boat. Under these facts, will this arrangement be treated

as a partnership for tax purposes?

PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT 🙂