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Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Description ML partnership Martis (40% P/L ratio) Layla (60% P/L ratio) Compensation income - 300,000 270,000 Business income 800,000 450,000 - Allowable deductions 200,000 100,000 - Interest income from deposit in a bank (Philippines) 100,000 10,000 - 5. Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by Layla. 6. Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.

Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Description ML partnership Martis (40% P/L ratio) Layla (60% P/L ratio) Compensation income - 300,000 270,000 Business income 800,000 450,000 - Allowable deductions 200,000 100,000 - Interest income from deposit in a bank (Philippines) 100,000 10,000 - 5. Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by Layla. 6. Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Description ML partnership Martis (40% P/L ratio) Layla (60% P/L ratio) Compensation income - 300,000 270,000 Business income 800,000 450,000 - Allowable deductions 200,000 100,000 - Interest income from deposit in a bank (Philippines) 100,000 10,000 - 5. Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by Layla. 6. Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis.
Question 10 Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Martis (40% P/L Layla (60% P/L ratio) ML Description partnership ratio) Compensation income 300,000 270,000 Business income 800,000 450,000 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. 180,000 O 20,000 200,000
Transcribed Image Text:Question 10 Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Martis (40% P/L Layla (60% P/L ratio) ML Description partnership ratio) Compensation income 300,000 270,000 Business income 800,000 450,000 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. 180,000 O 20,000 200,000
Question 9 Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Martis (40% P/L Layla (60% P/L ratio) ML Description partnership ratio) Compensation income 300,000 270,000 Business income 800,000 450,000 Allowable deductions 200,000 100,000 Interest income from deposit in a bank |(Philippines) 100,000 10,000 Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by the partnership. 180,000 200,000 20,000
Transcribed Image Text:Question 9 Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Martis (40% P/L Layla (60% P/L ratio) ML Description partnership ratio) Compensation income 300,000 270,000 Business income 800,000 450,000 Allowable deductions 200,000 100,000 Interest income from deposit in a bank |(Philippines) 100,000 10,000 Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by the partnership. 180,000 200,000 20,000
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