1. Partnership
|
|
xYz
|
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?