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 - 300,000 270,000Business 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. Question 10Data for 2020 taxable year of ML partnership (Domestic corporation) includingpartner's own income (Resident citizens) are as follows:Martis (40% P/L Layla (60% P/Lratio)MLDescriptionpartnership ratio)Compensation income300,000270,000Business income800,000450,000Allowable deductions200,000100,000Interest income from deposit in a bank100,00010,000(Philippines)Assume the partnership is a General professional partnership, compute for the totaltax due (basic tax and final tax) by the partnership.180,000O 20,000200,000 Question 9Data for 2020 taxable year of ML partnership (Domestic corporation) includingpartner's own income (Resident citizens) are as follows:Martis (40% P/L Layla (60% P/Lratio)MLDescriptionpartnership ratio)Compensation income300,000270,000Business income800,000450,000Allowable deductions200,000100,000Interest income from deposit in a bank|(Philippines)100,00010,000Assume the partnership is a General partnership, compute for the total tax due (basictax and final tax) by the partnership.180,000200,00020,000

The essential concept of partnership taxation is that all profits and losses flow through to the…

Answered: Data for 2020 taxable year of ML…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

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 - 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.

Question 10
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)
ML
Description
partnership 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
100,000
10,000
(Philippines)
Assume the partnership is a General professional partnership, compute for the total
tax due (basic tax and final tax) by the partnership.
180,000
O 20,000
200,000

Question 9
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)
ML
Description
partnership 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
Assume the partnership is a General partnership, compute for the total tax due (basic
tax and final tax) by the partnership.
180,000
200,000
20,000

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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