Commentary

68.2 Inadvertent gifts

AGRICULTURE vol 2(2)
| Commentary

68.2 Inadvertent gifts

| Commentary

68.2 Inadvertent gifts

Inadvertent transfers can occur as a result of the way in which undrawn profits and balances on current account are treated in the balance sheet of a partnership from year to year. In some partnership accounts it is the practice to take any balances on current account at the end of any year straight to capital account as a matter of course. These transfers should never be made without the express authority of all the partners and the partners should be aware of the consequences of any such transfers. They can, quite apart from their tax consequences,

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