Solution-How much is the income tax due from the joint

How much is the income tax due from the joint venture

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Reference no: EM132806891

Question - Luke Co. and Gav Co. formed a joint venture engaged in geothermal operations.

They shared equally. For the current year, the following data on their joint and separate operations were presented:

Joint operation: Gross income P250,000,000

Expenses 50,000,000

Separation operations (not part of the joint venture)

Luke Co. Gav Co.

Gross income P 50,000,000 P40,000,000

Expenses 15,000,000 10,000,000

Required -

1. How much is the income tax due from the joint venture?

2. How much is the taxable net income of Rhea Company?

Reference no: EM132806891

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How much is the income tax due from the joint venture : Luke Co. and Gav Co. formed a joint venture engaged in geothermal operations. How much is the income tax due from the joint venture

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How much is the income tax due from the joint venture

Reference no: EM132806891

Reference no: EM132806891

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