Chapter Exercises - Partnership - AGOSTO 3310 HO P6.4. Louie and Floyd are partners in the following partnership: Gross income GPP P500,000 375,000 8,000,000 Assets Business Orie Partnership P800,000 Deductible expenses 420,000 10,000,000 Personal Income and Expenses: Louie Gross Income P 525,000 Deductible expenses 117,000 Dividend from domestic corporation 25,000 Dividend from foreign corporation 12,000 Prize, supermarket raffle 15,000 vie 10,000 Royalty, books SO Additional Information: Floyd P 580,000 205,000 30,000 8,250 7,500 18,000 Partners agreed to share partnership income and losses as follows: Louie = 30%; Floyd = 70% REQUIRED: Determine the following: 1. Income tax payable of the business partnership 2. Income tax payable of the GPP 3. Income tax payable of Louie 4. Income tax payable of Floyd Com