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  • Partnership assets



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    The partnership and not the partners or any particular partner is taken to be the holder of a partnership asset regardless of its ownership. A partnership asset is one held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement.

    Last modified: 08 Apr 2020QC 27597