I. A. Problem 13 - 6 Co-partnership with Net Loss M, a partner of a commercial partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of M? a P720,000 b P450,000 C P300,000 d P250,000
I. A. Problem 13 - 6 Co-partnership with Net Loss M, a partner of a commercial partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of M? a P720,000 b P450,000 C P300,000 d P250,000
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 59P
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Transcribed Image Text:I. A.
Problem 13 - 6 Co-partnership with Net Loss
M, a partner of a commercial partnership, showed the following income and losses:
Net income from trading business - as sole proprietor.
Share from the net loss of the partnership
P500,000
200,000
How much is the net taxable income of M?
a P720,000
b P450,000
с Р300,000
d P250,000
B. Problem 13 - 7 Co-partnership
In 200x, Mitzi and Edgar reported a partnership net profit from trading amounting to
P400,000. Other items of income not included in the net profit are interest income
of P4,000, net final withholding tax, and dividend income from domestic corporation
of P10,000. The income tax on the distributive share of Mitzi who share profit and
loss equally with Edgar in the earnings of the partnership is
a P14,700
b P14,300
C P14,076
d P13,600
C. Problem 13 - 8 Co-partnership
A and B formed a trading partnership sharing profit and loss at 1:1. During the
taxable year, the gross profit of the partnership amounted to P400,000 and
business expenses incurred amounted to P160,000; cost sales of P200,000.
1 The income tax of the partnership is
a P135,000
b P105,000
C P72,000
d P15,000
2 How much is the distributable share of partner A, net of final tax?
a P183,000
b P102,000
c P87,750
d P75,600
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