Show Income Tax J 0 27 Partnerships as such euch uch are n not lt sub sub- subJect to the Income la tax taa but are ara re- re re required to make mak returns return IM ua c gross Cross and net Income rile rhe net Income of a partnership r la is computed In th the same ISme ame manner manna and andon an anon t ton on th the tho same amo am bathe basin ba la a as a Ii net Income 0 or an Individual except ox th t deduc- deduc deductions tion for tor o- o o gUts gifts arc not permitted i s are aro ar toned tel onh on the s ur s of ot a II pub pul-n pul 11 t- t er r whether li or not nol and ar are required d to s su i h shares In the of Income though they thoy ma in not hate ha haeb b been en actually J Lv Lvery ry partnership mt mist t make mak t i jl I t turn u rn r regardless less of o UK the Lh nU amou t tat of at its lt net Income 0 or even If It I It has o hono no net Income The Th return must show the th name and address of ot each ench partner J r and the amount of ut the dis- dis distributive dl Io- Io share hare of ot tho the net nt n t income Inome It if an 3 of ot each AM Arul one on of th th thi n partners partner may sign and swear ear to the tho return which ma mil co er the Ih calendar cal calendar cal cal- calendar or fiscal Sear ear according to the firm a 0 method of ot accounting Wh Where r the result of ot a Ii partner partner- partnership ship operation I is Ie a net lou loss the loss Is dl dh b the tho r inthe In 1 the same proportion as aa net ret In Income In- In Income income come would hap hair ha p I been dh and nd may mil ml be taken by the Iho In their heir Individual returns I of ot In- In Income income In Income come However ever It if the partnershIp p prO pro for the of a In Insi In athe a ma-in ma r a t L om the dh Islon of ot a c soch such I tc be tf ducted lf-ducted I bv the th partners as ILS so o agreed |