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AB Partnership is a commercial partnership formed by Atienza and Bautista. The results of operations for the year 2021, its 5th year of operations, were

AB Partnership is a commercial partnership formed by Atienza and Bautista. The results of operations for the year 2021, its 5th year of operations, were as follows:

 Gross sales25,000,000

 Cost of sales10,000,000

 Salaries expense 3,800,000

 Rent expense 1,650,000

 Utilities expense 175,000

 Depreciation expense 120,000

 Miscellaneous expense 48,000

Personal income and expenses of the partners:

      AtienzaBautista

 Gross income3,250,0003,800,000

 Deductible expenses1,170,0002,050,000

 Dividend from domestic corp. 250,000 300,000

 Dividend from foreign corp. 120,000 82,500

 Prize, supermarket raffle 150,000 75,000

 Royalties, books 100,000 180,000

8. How much is the net taxable income of the general partnership? _____________

9. How much is the regular corporate income tax due? ____________

 Tax rate RCIT is 25%

10. How much is the minimum corporate income tax? ____________

 Tax rate MCIT is 1%

11. How much is the share of each partner in the net income of the partnership?

 ____________________


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