CPA Advanced Level
Advanced Taxation glossary
Every term this guide defines, A to Z, each with the chapter that teaches it. Open it when a word in a question is unfamiliar, and test yourself on it in the last week: cover the definition and say it in one sentence.
4 terms from the free first chapter
A
- Admission of a new partner and retiring partners during the year
Requires apportioning the partnership's profit between the periods before and after the change, and reallocating each period's profit according to the profit-sharing ratio in effect at the time.
Taught in Partnerships
C
- Case law on taxation of partnership businesses
Kenyan and persuasive foreign case law clarifies how the Income Tax Act's partnership provisions apply to specific, often disputed, factual situations.
Taught in Partnerships
- Conversion of partnerships into limited companies
Triggers a cessation of the partnership's business for tax purposes and commencement of the company's, with specific rules governing the transfer of assets and any resulting tax consequences.
Taught in Partnerships
I
- Incomplete records pertaining to partnership businesses
Where a partnership's records are incomplete, taxable profit must be reconstructed using indirect methods (e.g. net worth or expenditure approaches, mirroring the indirect asset-tracing methods in CFFE Planning and Conducting Formal Investigations) rather than being computed directly.
Taught in Partnerships
The full glossary adds every term from the other 10 chapters, A to Z, each with the chapter that teaches it.