Assertion: partnership's profit | /r/HasProperty | taxed
Facets:
value: first at the corporate level
type: OTHER
Source sentences:
text: You might think that partnerships and LLCs enjoy a real advantage over corporations because corporate profits are taxed twice (first at the corporate level and then at the shareholder level), while partnership or LLC income is only taxed once.
text: The profits retained by the corporation or LLC are also taxed, but at a generally lower rate (15% for the first $50,000 and 25% on the next $25,000) than individual income.