MacKinlay v. Arthur Young McClelland Moores & Co., [1989] S.TC 898, [1989] UKHL TC, [1989] BTC 587 (HL) -- summary under Subsection 103(1)

By services, 28 November, 2015

In discussing the nature of a partnership, Lord Oliver stated (p. 900):

"A partner working in the business or undertaking of the partnership is in a very different position from an employee ... If, with the agreement of his partners, he pays himself a 'salary', this merely means that he receives an additional part of the profits before they fall to be divided between the partners in the appropriate proportions. But the 'salary' remains part of the profits."

Topics and taglines
Topic
Income Tax Act - s. 103(1)
Tagline
"salary" to partner is a profits distribution
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
333341
Extra import data
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