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3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The
3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The results of the operations for 2021 taxable year were provided below: Gross Income Business Expenses JOINT VENTURE 5 000 000 3 000 000 The income tax due of LJ in 2021 is: LJ 3 000 000 2 000 000 FERMIN 2 000 000 1 500 000
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
