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.
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 48P
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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.
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