AUKEE Company is engaged in the sale of high-quality sports equipment. Its sales journal for the year ended December 31, 2021 included the following customers: • Sale to Mr. Giannis, the company's President, P3,550,000 • Sale to Mr. Middleton, an executive director of Wisconsin, Inc., MILWAUKEE's parent company, P2,450,000 • Sale to Ms. Gianna, wife of Mr. Giannis, P1,750,000 • Sale to Kareem, Inc., one of MILWAUKEE's co-venturer in one of its sports development projects, P1.000,000 Sale to the state government, P925,000

AUKEE Company is engaged in the sale of high-quality sports equipment. Its sales journal for the year ended December 31, 2021 included the following customers: • Sale to Mr. Giannis, the company's President, P3,550,000 • Sale to Mr. Middleton, an executive director of Wisconsin, Inc., MILWAUKEE's parent company, P2,450,000 • Sale to Ms. Gianna, wife of Mr. Giannis, P1,750,000 • Sale to Kareem, Inc., one of MILWAUKEE's co-venturer in one of its sports development projects, P1.000,000 Sale to the state government, P925,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 35P

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