Compute the income tax, Compute the income tax due from

Compute the income tax

Assignment Help Business Management

Reference no: EM131183956

1. Partnership

	xvz	x	Y	Z
Gross Income	3,000,000	800,000	1,000,000	2,000,000
Expenses	900,000	200,000	500,000	800,000
Income Tax paid	100,000	80,000	150,000	none
Capital losses	120,000	20,000	300,000	none

X is a widower with 3 qualified dependent minor children, while Y is single with 5 illegitimated recognized minor children from different mothers and Z is single.

Compute the income tax due from XYZ, X, Y and Z for the year if XYZ Partnership is a:

1. Trade Partnership

2. General Professional Partnership

XYZ agreed that they will share profit and losses at a ratio of 7:9:8.

2. Corporation

SM Corporation in its fourth year of operation had the following:

Gross Sales 80,000,000

Interest in PNB deposit, dollar deposit 150,000

Capital gain on sale of shares of stocks 200,000 (Capital asset)

Interest on trade notes receivables 120,000

Cost of Sales 20,000,000

Business Expenses 30,000,000

Dividend from domestic corporation 90,000

Dividend from resident corporation 120,000

Capital gain on sale of land with a market

Value of P20,000,000 10,000,000 (Capital asset)

Sales returns and allowances 90,000

Sales discount 180,000

Compute the income tax due of SM Corp. if SM is a

1)domestic corporation

2) Resident foreign corporation. They paid a withholding tax of 5,465,780 for the year.

3. Excess MCIT carry forward

GGG Co., a domestic corporation, had the following information for the taxable year in its fourth year of operations:

Year Gross Profit Net Income Before Tax

Y4 1,000,000 100,000

Y5 4,000,000 150,000

Y6 1,000,000 90,000

Y7 3,000,000 120,000

Y8 2,500,000 200,000

Disregarding consideration of any quarterly income tax payments, how much is the income tax due from Y4 to Y8?

Reference no: EM131183956

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