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How much is the tax due of the joint venture

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Question - X and Y Companies, both domestic corporations, form a joint venture to construct a building with a contract price amounting to P100 million. The total construction cost amounted to P65 million and related operating expenses amounting to P15 million. The corporations agreed to share any income or losses equally. The project is construction of public school in Mindanao. How much is the tax due of the joint venture assuming combined assets amounted to P150 million if they have finished the project in the taxable year 2019?

Reference no: EM133085858

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