Two different trusts have the same grantor and beneficiary. The income tax due of the first trust is P35,000 before consolidation. Both trusts have already paid the income tax due on their separate taxable income. Consolidation of the two trusts resulted to a total income tax due of P184,000. How much is the income tax still due for the second trust?
Two different trusts have the same grantor and beneficiary. The income tax due of the first trust is P35,000 before consolidation. Both trusts have already paid the income tax due on their separate taxable income. Consolidation of the two trusts resulted to a total income tax due of P184,000. How much is the income tax still due for the second trust?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Two different trusts have the same grantor and beneficiary. The income tax due
of the first trust is P35,000 before consolidation. Both trusts have already paid
the income tax due on their separate taxable income. Consolidation of the two
trusts resulted to a total income tax due of P184,000. How much is the income
tax still due for the second trust?
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