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Explain how the net income of a partnership is calculated

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Reference no: EM131680234

a) If a husband and wife own many investments jointly are they in a partnership even though they are not conducting a business but instead are acting as passive investors? Are they required to lodge a partnership tax return?

b) Explain how the net income of a partnership is calculated under s90 ITAA36.

Reference no: EM131680234

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