How much is the final tax on each co-owner share in the co-ownership's net income? Mirana...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
How much is the final tax on each co-owner share in the co-ownership's net income? Mirana and Luna are sisters who are both resident citizens of the Philippines. They invested P1,000,000 each in buying a banana plantation. The land is registered in their names as co- owners. In 2021, during the fifth year of operations, the co-ownership had a gross sales of coconut amounting to P30,000,000; gross income of P20,000,000 and expenses of P15,000,000 How much is the final tax on each co-owner share in the co-ownership's net income? Mirana and Luna are sisters who are both resident citizens of the Philippines. They invested P1,000,000 each in buying a banana plantation. The land is registered in their names as co- owners. In 2021, during the fifth year of operations, the co-ownership had a gross sales of coconut amounting to P30,000,000; gross income of P20,000,000 and expenses of P15,000,000
Expert Answer:
Answer rating: 100% (QA)
ANSWER To determine the final tax on each coowners share in the coownerships net income we need to c... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
Students also viewed these law questions
-
What will be the output of the below code #include using namespace std; int factorial (int n) { if (n
-
Determine his income tax due.? How much is the total final tax due? . A taxpayer who is a resident entrepreneur with a legitimate child, illegitimate child, and a senior citizen dependent, furnished...
-
Format only cells with values greater than maxim 4 tab and select Red color from the pallet (bottom ro Format only cells with values less than minimum and select Yellow color from the pallet (bottom...
-
On January 1, 2002, Germany officially adopted the euro as its currency, and the deutsche mark stopped being legal tender. According to an article in the Wall Street Journal, even 10 years later many...
-
Explain how the audit report is used to describe the responsibilities of the auditor and management, the work done by the auditor during the audit, and the conclusions reached by the auditor...
-
Comment on the following field situations and make recommendations for corrective action. a. One of the interviewers has an excessive rate of refusals in in-home personal interviewing. b. In a CATI...
-
Johnson Company has budgeted purchases of merchandise inventory of $456,250 in January and $531,250 in February. Assume Johnson pays for inventory purchases 70% in the month of purchase and 30% in...
-
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He asks his friend, Carmen, if she'd like to join him in setting up a partnership to start the business. What is one...
-
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant, specializing in retail management and...
-
Now that you completed the project charter and scope statement, we can begin creating the project schedule. The project schedule helps us understand when the activities will happen and allows more...
-
At a well-known major university, the career choices of 1,500 graduates from an MS program are shown in Figure 14.16. Figure 14.16 a. How many plan to get a job in a national laboratory? b. How many...
-
In Problems 7-18, a sample of paired data gives a linear correlation coefficient \(r\). In each case, use Table 14.10 to determine whether there is a significant linear correlation. Table 14. 10...
-
Suppose a shared medium M offers to hosts A1,A2,...,AN in roundrobin fashion an opportunity to transmit one packet; hosts that have nothing to send immediately relinquish M. How does this differ from...
-
Why is it important for protocols configured on top of the Ethernet to have a length field in their header, indicating how long the message is?
-
Consider the graph shown in Figure 14.12. Figure 14. 12 a. How many types of payments are tracked? Can you think of any other payments that might have been included? If so, why do you think they have...
-
The Paper Corp. (a joint-stock corporation) whose shares are not registered and/or not traded in any market wants to issue corporate bonds with a total of 100.000.000 TL nominal value and make a...
-
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
-
Helpers, Inc., a qualifying 501(c)(3) organization, incurs lobbying expenditures of $250,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year...
-
Samantha A. Cranston, age 37, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-21-1113. 1. Samantha is a licensed...
-
With regard to "life insurance," comment on the following. a. What the term includes (i.e., types of policies). b. The meaning of "incidents of ownership." c. When a gift occurs upon maturity of the...
-
Baggai Enterprises has an ROA of 10 percent, retains 30 percent of earnings, and has an equity multiplier of 1.25. Mondale Enterprises also has an ROA of 10 percent, but it retains two-thirds of...
-
International Business Machines (NYSE: IBM), which currently pays a dividend of \($3.40\) per share, has been the subject of two other examples in this reading. In one example, an analyst estimated...
-
An analyst is preparing a forecast of dividends for Hoshino Distributors for the next five years. He uses a spreadsheet model with the following assumptions: Sales are $100 million in Year 1. They...
Study smarter with the SolutionInn App