Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Layla (60% P/L ratio) ML Martis (40% P/L Description partnership ratio) 300,000 270,000 Compensation income 800,000 450,000 Business income Allowable deductions 200,000 100,000 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 the partnership.
Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Layla (60% P/L ratio) ML Martis (40% P/L Description partnership ratio) 300,000 270,000 Compensation income 800,000 450,000 Business income Allowable deductions 200,000 100,000 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 the partnership.
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 19P
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![Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own
income (Resident citizens) are as follows:
ML
Martis (40% P/L
Layla (60% P/L
Description
partnership
ratio)
ratio)
300,000
270,000
Compensation income
800,000
450,000
Business income
Allowable deductions
200,000
100,000
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 the partnership.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b90356a-0a32-4c9e-88d6-0e04a1defcfc%2F0ece8a70-61d5-466a-90f1-924d8aea9fea%2Fmpgg0s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own
income (Resident citizens) are as follows:
ML
Martis (40% P/L
Layla (60% P/L
Description
partnership
ratio)
ratio)
300,000
270,000
Compensation income
800,000
450,000
Business income
Allowable deductions
200,000
100,000
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 the partnership.
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