LJ, married, has two dependent minor brothers. He is a partner of a general professional partnership....
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LJ, married, has two dependent minor brothers. He is a partner of a general professional partnership. He is also engaged in trading business of his own. The following data were provided by LJ in 2018: LJ's gross income from his trading business LJ's expenses from his trading business Interest income, BDO-Manila Share from the net income of a general professional partnership Royalty, books published in the USA Salaries as part time accounting professor (gross) Required: Determine the correct amount of the following: 1. Income tax due of the partnership 2. Income tax due of LJ Gross income Allowed deductions Drawing Accounts: 2. Data for 2018 taxable year of Rivera & Reyes (RR) Partnership including the partners' own income are as follows: Rivera Reyes Partnershi P 2,000,000 1,200,000 150,000 120,000 Rivera 800,000 400,000 P1,000,000 30,000 0 600,000 20,000 400,000 150,000 450,000 Reyes 1,000,000 500,000 0 20,000 LJ, married, has two dependent minor brothers. He is a partner of a general professional partnership. He is also engaged in trading business of his own. The following data were provided by LJ in 2018: LJ's gross income from his trading business LJ's expenses from his trading business Interest income, BDO-Manila Share from the net income of a general professional partnership Royalty, books published in the USA Salaries as part time accounting professor (gross) Required: Determine the correct amount of the following: 1. Income tax due of the partnership 2. Income tax due of LJ Gross income Allowed deductions Drawing Accounts: 2. Data for 2018 taxable year of Rivera & Reyes (RR) Partnership including the partners' own income are as follows: Rivera Reyes Partnershi P 2,000,000 1,200,000 150,000 120,000 Rivera 800,000 400,000 P1,000,000 30,000 0 600,000 20,000 400,000 150,000 450,000 Reyes 1,000,000 500,000 0 20,000
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