Chitoge and Raku jointly inherited land from their deceased father. The two siblings decided to make it a pineapple farm for them to generate income therefore making them co-owners of the said property. Both of them agreed to 70:30 P/L ratio since Chitoge will manage the farm. Data for Co-Ownership: Gross Income 320,000 Less: Allowed Deductions 210,000 Taxable Net Income 110,000 The final income tax of Chitoge and Raku is:

Chitoge and Raku jointly inherited land from their deceased father. The two siblings decided to make it a pineapple farm for them to generate income therefore making them co-owners of the said property. Both of them agreed to 70:30 P/L ratio since Chitoge will manage the farm. Data for Co-Ownership: Gross Income 320,000 Less: Allowed Deductions 210,000 Taxable Net Income 110,000 The final income tax of Chitoge and Raku is:

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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