Data for 2020 taxable year of Lpartnership (Domestic corpouon)including partner's own income(Resident citizens) are as follows:MartisLaylaML(40%(60%Descriptionpartnership P/Lratio)P/Lratio)Compensation300,000 270,000incomeBusiness800,000450,000|-incomeAllowable200,000100,000 -deductionsInterestincome fromdeposit in abank100,00010,000(Philippines)Assume the partnership is a Generalprofessional partnership, computefor the total tax due (basic tax andfinal tax) by Martis.

calculation of total tax due by martis are as follows

Answered: Assume the partnership is a General…

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

Section: Chapter Questions

Problem 1Q

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