Which of the following would not be considered an expense of a partnership in determining income for the period?

Question

Quizplus · Accepted Answer

Income tax expense is not considered an expense of the partnership in determining income for the period because the partnership itself does not pay income taxes. Instead, the partnership's income or losses are allocated to the individual partners, who report them on their individual tax returns and pay taxes accordingly. The remaining options (A, C, and D) are all expenses that would be considered in determining the partnership's income for the period.

Which of the Following Would Not Be Considered an Expense