FACTS / DATA / GIVEN: Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citizen Description Winnings from gambling Interest on bank deposits Increase in fair value of lands held for Amount P900,000 20,000 500,000 investment Share in partnership income credited to capital account in the partnership Gross income from profession 150,000 200,000 COMPUTE: Taxable Income О А. 350,000 Ов. 870,000 C. 1,270,000 O D. 1,770,000

FACTS / DATA / GIVEN: Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citizen Description Winnings from gambling Interest on bank deposits Increase in fair value of lands held for Amount P900,000 20,000 500,000 investment Share in partnership income credited to capital account in the partnership Gross income from profession 150,000 200,000 COMPUTE: Taxable Income О А. 350,000 Ов. 870,000 C. 1,270,000 O D. 1,770,000

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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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.
Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to the questions displayed below.] Michelle pays $177,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,200. Westlake reports the following balance sheet: Tax Basis FMV Assets Cash $ 96, 200 $ 96, 200 Land 192, 400 434, 800 Totals $ 288, 600 $ 531, 000 Liabilities and capital Capital - Amy Capital - Brittany Capital - Ben $ 96, 200 $ 96, 200 $ 96, 200 $ 288, 600 Totals (Leave no answer blank. Enter zero if applicable.) Problem 10-55 Part b (Algo) b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis
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51) The AB Partnership reports the following items for its current tax year Item Income Amount Operating income Rental income Interest income: $90,000 15,000 Tax-exempt municipal bonds Corporate bonds Sec, 1231 gain Sec. 1245 gain Long-term capital gain 2,000 4,000 20,000 18,000 7,000 Expenses Rental expenses Salaries paid to employees (not partners) Charitable contributions 12,000 30,000 5,000 3,000 Interest paid related to borrowings used to finance municipal bonds (1) What is the AB Partnership's ordinary income for the current year? (2) What are the AB Partnership's separately stated items for the current year?
C and D form the CD, LLC even partnership. A contributed land with an adjusted basis of $50 and FMV of $100. D contributed equipment with an adjusted basis of $75 and FMV of $100. Immediately after this contribution, what is the balance in D's 704(b) capital account? $175 $75 $100 $50
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N2. part d please
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2022 tax rules
2022 tax rules
blanaces of accounts for M&M partnership are cash 34000 account payable (27000) loan to Matter (7000) Matter capital 8000 Mansour capital (8000) avaliable cash should distributed as follows after payment 25000 to account payables: ○ A. 7000 to Mansour O B. 7000$ for loan of Matter O c. $3500 each to Matter and Mansour OD. 1000 to Matter and 7000 to Mansour
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