The Inland Revenue Authority of Singapore has published Advance Ruling Summary No. 01/2024 on whether the profit derived by a partnership from the sale of its business to a company is capital in nature. --- Advance Ruling Summary No. 01/2024 Published on 28 Aug 2024 1. Subject: Whether any profits derived by Partnership A from the proposed sale of the business to Company B is capital in nature and not subject to income tax under section 10(1) of the Income Tax Act 1947 (ITA), except for the transfer of inventories (where the rules under Section 32 of the ITA will...