Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Data for 2020 taxable year of L
partnership (Domestic corpouon)
including partner's own income
(Resident citizens) are as follows:
Martis
Layla
ML
(40%
(60%
Description
partnership P/L
ratio)
P/L
ratio)
Compensation
300,000 270,000
income
Business
800,000
450,000|-
income
Allowable
200,000
100,000 -
deductions
Interest
income from
deposit in a
bank
100,000
10,000
(Philippines)
Assume the partnership is a General
professional partnership, compute
for the total tax due (basic tax and
final tax) by Martis.
Transcribed Image Text:Data for 2020 taxable year of L partnership (Domestic corpouon) including partner's own income (Resident citizens) are as follows: Martis Layla ML (40% (60% Description partnership P/L ratio) P/L ratio) Compensation 300,000 270,000 income Business 800,000 450,000|- income Allowable 200,000 100,000 - deductions Interest income from deposit in a bank 100,000 10,000 (Philippines) Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.
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