"annual payment" means any payment from which, apart from any insufficiency of profits or gains of the persons making it, income tax is deductible under section 237;
"balancing charge" means a balancing charge under Part 9 or Chapter 1 of Part 29, as the case may be;
"basis period", in relation to a year of assessment, means the period on the profits or gains of which income tax for that year is to be finally computed under Case I of Schedule D in respect of the trade in question or, where by virtue of the Income Tax Acts the profits or gains of any other period are to be taken to be the profits or gains of that period, that other period;
"partnership trade" means a trade carried on by 2 or more persons in partnership;
"precedent partner", in relation to a partnership, means the partner who, being resident in the State - (a) is first named in the partnership agreement, (b) if there is no agreement, is named singly or with precedence over the other partners in t
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