Ramos Toribio Partnership is a general professional partnership, with Ramos and Toribio participating equally in the...

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Ramos Toribio Partnership is a general professional partnership, with Ramos and Toribio participating equally in the income and expenses. The following data were provided in 2021: RT Ramos Toribio Partnership P60,000,000 P 15,000,000 P20,000,000 35,000,000 7,000,000 12,000,000 110,000,000 Gross Income Expenses Assets (including land valued at P20M used in business) 18. The gross income of Ramos from the partnership is: 19. The taxable income of Ramos is Ramos Toribio Partnership is a general professional partnership, with Ramos and Toribio participating equally in the income and expenses. The following data were provided in 2021: RT Ramos Toribio Partnership P60,000,000 P 15,000,000 P20,000,000 35,000,000 7,000,000 12,000,000 110,000,000 Gross Income Expenses Assets (including land valued at P20M used in business) 18. The gross income of Ramos from the partnership is: 19. The taxable income of Ramos is

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18 To calculate the gross income of Ramos from the partnership we need to deter... View the full answer