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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Mr. James Santiago created two (2) trusts designating Atty. Mars Bonafe and the Philippine Trust Company as trustees. The
common beneficiary of the two (2) trusts was his son, James II, married, and with two (2) qualified dependent children.
The following data were made available for the year 2009:
Trust No. 1 Trust No. 2
Gross income P600,000 P700,000
Business expenses 300,000 400,000
Income distribution to beneficiary 100,000 200,000
James Santiago II
Gross income P800,000
Business expenses 250,000
Income distribution received, gross of 15% creditable withholding tax 300,000
 
how much was the tax payable of James Santiago II
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