The income derived from a joint venture is taxed if it arises from a partnership.

Question

Quizplus · Accepted Answer

A joint venture is a type of partnership where two or more parties come together to engage in a specific business undertaking. The income derived from a joint venture is typically taxed as partnership income and allocated among the parties based on their ownership interest in the venture. Therefore, the statement "The income derived from a joint venture is taxed if it arises from a partnership" is true.

The Income Derived from a Joint Venture Is Taxed If