1. Yvvone and Maryfrance formed a general professional partnership for the purpose of exercising their common profession as CPAS. During the year, the partnership earned a net income of P250,000 but Yvonne and Maryfrance decided not to withdraw their shares in the income in order to use it in buying fixtures and more advanced equipment in the office. If they agreed to a profit and loss ratio of 50:50, how much income is taxable to Yvvone and Maryfrance? a. b. C. d. a. b. Yvvone P250,000 None 125,000 None 2. In the preceding problem, assuming Yvvone and Maryfrance decided to withdraw half of their share in the net income and used the other half in buying fixtures and more advanced equipments in the office. How much income is taxable to each? Yvvone Maryfrance C. d. Maryfrance None P250,000 125,000 None P250,000 None 125,000 62,500 None P250,000 125,000 62,500

1. Yvvone and Maryfrance formed a general professional partnership for the purpose of exercising their common profession as CPAS. During the year, the partnership earned a net income of P250,000 but Yvonne and Maryfrance decided not to withdraw their shares in the income in order to use it in buying fixtures and more advanced equipment in the office. If they agreed to a profit and loss ratio of 50:50, how much income is taxable to Yvvone and Maryfrance? a. b. C. d. a. b. Yvvone P250,000 None 125,000 None 2. In the preceding problem, assuming Yvvone and Maryfrance decided to withdraw half of their share in the net income and used the other half in buying fixtures and more advanced equipments in the office. How much income is taxable to each? Yvvone Maryfrance C. d. Maryfrance None P250,000 125,000 None P250,000 None 125,000 62,500 None P250,000 125,000 62,500

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 2BCRQ

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