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Bottom line, Symbian is a company, not a partnership.

They are pretty clear on the fact that they use pass through accounting as well...

I apologise for shouting, but sometimes insularity just gets to me.

Well, this is the U.S. Motley Fool board, not the U.K. Motley Fool board, so there may be a legitimate basis for confusion when terms are used in a manner that is inconsistent with their commonly accepted U.S. definition.

In the U.S., "pass through" accounting does not mean allocation of profits and losses in accordance with each partner's equity stake. It means that the tax effects of the profits and losses are incurred directly by the partners, rather than being taxed at the entity level as is the case with a corporation. Thus, my prior example of a 20% equity partner of a partnership being allocated 50% of the losses and 30% of the gains would still constitute "pass through" accounting, as the term is used in the U.S.

My whole point, as always, has been that I personally would not invest in Psion based on its EPOC licensing revenues until I had first confirmed the profit-sharing arrangement from the Symbian venture. Others are, of course, free to do as they wish.

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