AGGREGATE THEORY Definition

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AGGREGATE THEORY is a theory of partnership taxation in which a partnership is considered as an aggregate of individual co-owners who have bound themselves together with the intention of sharing gains and loses; under this theory, the partnership itself has no existence separate and apart from its members.

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USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.

CASH-CARD is a credit card that entitles the holder to receive cash.

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