Hong Kong Ordinances

INLAND REVENUE ORDINANCE - SECT 22A

Ascertainment of share of partnership profits or losses

(Past version on 30/06/1997).

(1) In order to ascertain the share of a partner of the assessable  profits or
losses of a partnership, such assessable profits or losses for the relevant
year of assessment shall be apportioned amongst the persons who were partners
during the basis period in the ratio in which the profits or losses of the
basis period for that year of assessment were divided; and the profits or
losses as so apportioned shall constitute the shares of the assessable profits
and losses of the individual partners for that year of assessment.

(2) For the purposes of subsection (1), there shall be excluded from the
assessable profits of a partnership any loss brought forward under
section 19C.

(3) (Repealed 30 of 2004 s. 3) (Added 7 of 1975 s. 20)