TAX PAYABLE METHOD Definition

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TAX PAYABLE METHOD is where the tax expense is equal to the provision for taxes payable in a particular period and deferred income tax is not recognized.

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PAID-IN-CAPITAL is capital received from investors for stock, equal to capital stock plus paid-in capital, NOT that capital received from earnings or donations. Also called contributed capital.

FORM 1065 (Schedule K-1) is the domestic partnership income tax return form used in the U.S.

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