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) 270,000 ML Description partnership ratio) Compensation income 300,000 Business income 800,000 450,000 Allowable deductions Interest income from deposit in a bank |(Philippines) 200,000 100,000 100,000 10,000 Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by the partnership. 180,000 20,000 200,000
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) 270,000 ML Description partnership ratio) Compensation income 300,000 Business income 800,000 450,000 Allowable deductions Interest income from deposit in a bank |(Philippines) 200,000 100,000 100,000 10,000 Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by the partnership. 180,000 20,000 200,000
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 2BCRQ
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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 -
9. Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by the partnership.
10.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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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT