Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows:

Description	ML partnership	Martis (40% P/L ratio)	Layla (60% P/L ratio)
Compensation income	-	300,000	270,000
Business income	800,000	450,000	-
Allowable deductions	200,000	100,000	-
Interest income from deposit in a bank (Philippines)	100,000	10,000	-

Assume the partnership is a General partnership, compute for the total tax due (basic tax and final tax) by Layla?

Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by Martis?

Answer rating: 100% (QA)

Total income of Layla 45000030000010000 160000 Less Deduction allow... View the full answer