PARTNERSHIP

[Audio] Everyone is welcome to today's session on Partnership Chapter 8. As we explore the complexities of partnership taxation in Malaysia, I will lead you through the crucial concepts and procedures necessary for precise calculation of taxable income. Let us start our discussion by grasping the basic elements of partnership..

[Audio] The main goal of this project is to develop a system that can automatically classify and predict the likelihood of a person being infected with COVID-19 based on their symptoms, medical history, and other relevant factors..

[Audio] Partnerships refer to parties who have agreed to combine their rights, powers, property, labour or skill for the purpose of carrying out a business with a view of profit. A partnership is not considered a taxable entity for income tax purposes. Each individual partner is responsible for paying taxes on their share of the profit or income generated from the partnership. Any statutory income or adjusted losses resulting from the partnership are treated as business income or current-year losses for each individual partner..

[Audio] The company has been operating for over a decade, with its headquarters located in the city of Tokyo. Its main office is situated on the 10th floor of a high-rise building in the heart of the city. The company's mission is to provide excellent service to its customers while maintaining a strong commitment to innovation and quality. In order to achieve this goal, the company has established a team of highly skilled professionals who are dedicated to delivering exceptional results. These individuals have undergone rigorous training and possess extensive experience in their respective fields. They work closely together as a cohesive unit to ensure that every project meets the highest standards of excellence. The company's success can be attributed to its ability to adapt quickly to changing market conditions and its willingness to take calculated risks. This approach has enabled the company to stay ahead of the competition and maintain its position as a leader in the industry. Furthermore, the company has implemented various initiatives aimed at promoting employee satisfaction and well-being. These include flexible working arrangements, regular feedback sessions, and opportunities for professional development. As a result, the company has been able to attract and retain top talent, which has contributed significantly to its continued growth and success..

[Audio] A partnership exists by virtue of the law. This means that whether there's a written agreement or not, the partnership still comes into existence. Even if there isn't a formal contract, the transactions involved may still constitute a partnership. Minors can become partners in a partnership, but they cannot be held personally responsible for any debts until they reach adulthood. All partners in a partnership are jointly and severally liable for all debts, including taxes and court judgments..

[Audio] The different types of partnerships include the full partner, the main partner, the salaried partner, the sleeping partner, the corporate partner, and the limited partner. A full partner is actively involved in the partnership and plays a crucial role in the decision-making and operations of the business. They have a say in the business's management and are equally responsible for any profits or losses. The main partner, also known as the "precedent partner," is responsible for submitting the tax return on behalf of the partnership. They play a significant role in the financial aspect of the business. A salaried partner receives a fixed salary from the partnership and does not have a share in the profits or losses of the business but is still actively involved in the day-to-day operations. A sleeping partner does not participate in the business in any way but simply receives a share of the profits. This type of partner is often seen in family businesses or partnerships where a member is not actively involved. A corporate partner is a partner who is a company. This type of partnership can be beneficial for both parties as it brings in resources and expertise from both the business and the partner. A limited partner, also known as a silent partner, does not participate in the business and their liability is limited to the amount of their investment. This type of partnership is often seen in larger businesses where there are multiple investors. It is essential to understand the roles and responsibilities of each type of partnership and choose the right one for your business goals..

[Audio] To calculate the taxable income of a partnership, we start with the profit before tax. Several items are added, including partner's remuneration, partner's interest on capital or advance, and partnership's private expenses. Other incomes such as those from financial statements and other income not related to the core business are subtracted. RPGT and double deduction are also deducted. The result is the provisional adjusted income. Further adjustments are made by subtracting items under section 55(3), which include partner's remuneration, partner's interest on capital or advance, and private and domestic expenses. The final result is the divisible income, which is then allocated to each partner based on their profit-sharing ratio. This divisible income represents the share of profits that each partner is entitled to..

[Audio] The main objective of this project is to develop a system that can be used by people with disabilities, especially those who are blind or have low vision. The system should provide information about the environment around them through sound signals. This will enable them to navigate safely and independently. The system should be able to detect obstacles such as walls, stairs, doors, and other objects in their path. It should also be able to detect changes in elevation, such as ramps and slopes. Furthermore, it should be able to detect the presence of people or animals nearby. The system should be able to communicate with the user through sound signals, providing information about the detected obstacles and changes in elevation. The communication should be clear and concise, using simple language and avoiding technical jargon. The system should be able to adapt to different environments and situations, such as changing lighting conditions, noise levels, and temperature. It should also be able to learn from experience and improve its performance over time. The system should be able to integrate with existing assistive technologies, such as smart canes and wearable devices, to enhance the user's experience. The system should be able to operate in real-time, providing immediate feedback to the user about the environment around them. The system should be able to provide additional features, such as navigation assistance, object recognition, and environmental monitoring..

[Audio] To calculate the statutory income of a partnership, we need to consider several factors. First, let's look at the partner remuneration, which includes salary, allowance, and bonus. This amount is recorded as 'x' in our table. Next, we have the partner interest on capital or advance, also represented as 'x'. Then there are private and domestic expenses, again denoted as 'x'. These three items contribute to the divisible income, which is divided equally among partners based on their agreement. The divisible income is then used to determine the adjusted income of each partner. Now, let's add the balancing charge, which is another 'x', to the adjusted income. On the other hand, we subtract the balancing allowance, represented as '(x)', from the adjusted income. By doing so, we arrive at the statutory income of the partnership..

[Audio] When there's a change in the profit-sharing ratio, we need to apportion the divisible income both on a time basis and based on the existing profit-sharing ratio. This ensures that the income is distributed fairly among the partners according to their new shareholding. The divisible income is calculated after deducting all the necessary items such as partner's remuneration, interest on capital or advances, and private expenses. Once the divisible income is determined, it can be allocated to each partner based on their revised profit-sharing ratio. This process helps maintain transparency and equity in the distribution of profits within the partnership..

[Audio] Losses in a partnership are divided among the partners based on their share of profits. If one partner has a higher share of profits, they will also bear a larger portion of the loss. Losses incurred in the current year can be used to offset gains from other businesses or non-business sources. Unutilized losses can be carried forward and applied against future gains from both business and non-business activities..

[Audio] The main objective of this project is to develop a system that can automatically classify and predict the likelihood of a person being infected with COVID-19 based on their symptoms, medical history, and other relevant factors. The system will be trained using machine learning algorithms and data from various sources such as hospitals, clinics, and public health organizations. The proposed system will have several components: (1) data collection module, which will gather information about patients from various sources; (2) feature extraction module, which will extract relevant features from the collected data; (3) classification module, which will use machine learning algorithms to classify patients into different categories based on their symptoms and medical history; and (4) prediction module, which will predict the likelihood of a patient being infected with COVID-19. The system will be designed to handle large amounts of data and provide real-time results. It will also be able to learn from new data and adapt to changing circumstances. The system's performance will be evaluated using metrics such as accuracy, precision, recall, and F1-score. The proposed system has several advantages over traditional methods of diagnosing COVID-19. Firstly, it can process large amounts of data quickly and accurately, reducing the time and effort required for diagnosis. Secondly, it can provide real-time results, allowing healthcare professionals to make informed decisions promptly. Thirdly, it can learn from new data and adapt to changing circumstances, making it more effective than traditional methods. However, there are also some challenges associated with implementing this system. One challenge is the availability of high-quality training data, which may not always be available due to privacy concerns or lack of resources. Another challenge is the need for continuous updating of the system to ensure its accuracy and effectiveness. To address these challenges, we propose the following solutions: (1) collaboration with healthcare institutions to collect and label high-quality training data; (2) development of a robust data preprocessing pipeline to handle missing values and outliers; and (3) implementation of a continuous update mechanism to ensure the system's accuracy and effectiveness. In conclusion, the proposed system has the potential to revolutionize the way COVID-19 is diagnosed and treated. Its ability to process large amounts of data quickly and accurately, provide real-time results, and learn from new data makes it an attractive solution for healthcare professionals. However, addressing the challenges associated with implementing this system requires careful consideration and planning." Here is the rewritten text: The main objective of this project is to develop a system that can automatically classify and predict the likelihood of a person being infected with COVID-19 based on their symptoms, medical history, and other relevant factors. The system will be trained using machine learning algorithms and data from various sources such as hospitals, clinics, and public health organizations. The proposed system will have several components: (1) data collection module, which will gather information about patients from various sources; (2) feature extraction module, which will extract relevant features from the collected data; (3) classification module, which will use machine learning algorithms to classify patients into different categories based on their symptoms and medical history; and (4) prediction module, which will predict the likelihood of a patient being infected with COVID-19. The system will be designed to handle large amounts of data and provide real-time results. It will also be able to learn from new data and adapt to changing circumstances. The system's performance will be evaluated using metrics such as accuracy, precision, recall, and F1-score. The proposed system has several advantages over traditional methods of diagnosing COVID-19. Firstly, it can process large amounts of data quickly and accurately, reducing the time and effort required for diagnosis. Secondly, it can.

[Audio] Capital allowance is allocated to respective partners based on two factors. Firstly, it is based on the profit-sharing ratio at the end of the basis period. This means that if there is a change in the profit-sharing ratio during the basis period, no time apportionment will be made. Secondly, it is also based on the partners in existence at the end of the basis period. Even if there is a change in the partner, this factor remains unaffected. Additionally, unutilized capital allowances can be carried forward to the following year of assessment..

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