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How Does Phantom Tax Occur?
Phantom tax occurs in scenarios where taxable income is reported but not received. Common situations include partnerships, trusts, and real estate investments, where profits are reinvested or held. For instance, in a real estate partnership, you might owe taxes on paper profits from property appreciation or deferred income even if no cash distribution was made. This discrepancy can create cash flow challenges, requiring taxpayers to cover liabilities out of pocket. Understanding the source of phantom income is key to avoiding financial strain.
Source: https://accountingbyte.com/what-does-phantom-tax-mean/
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1 Reply
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This reply was modified 1 month, 1 week ago by tuancho.
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