Question
Consider the following for items 1 TO 4: 1. A General Professional Partnership had a gross income of 4,000,000; Allowed deductions of 2,500,000; partners A
Consider the following for items 1 TO 4:
1. A General Professional Partnership had a gross income of 4,000,000; Allowed deductions of 2,500,000; partners A and B divides their income at 70:30 respectively. What is the taxable income of the partnership?
A. 1,500,000
B. 4,000,000
C. 0.00
D. NOT ENOUGH INFO. GIVEN
2. How much will be the amount received by partner A, net of any taxes?
A. 157,000
B. 105,000
C. 892, 500
D. 405,000
3. How much will be added to partner B's income in calculating his Gross Income?
A. 450,000
B. 405,000
C. 105,050,000
4. If partner A did not give a Sworn Declaration, and Partner B provided a Sworn Declaration, how much will their tax credits be respectively?
A. 157,500;45,000
B.105,000;45,000
C. 157,500;67,500
D. 105,500;67,500
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