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How to compute this? Louie is married with 2 dependent children while Floyd is single Pesonal Income Expenses of the heirs: Gross Income Deductible expenses
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Louie is married with 2 dependent children while Floyd is single Pesonal Income Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books Additional Information: Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380,000 105,000 30,000 8,250 7,500 18,000 without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd Reu Ullowing: 2. Income tax payable of Louie 3 Income tax payable of Floyd PLZ (Estate) povided during the taxable year: Rental income of the estate Deductible operating expenses (estate) Income distributed to Louie Income distributed to Floyd Dividend income from domestic corporation Interest income from U.S. $ deposits Interest income from peso deposits P1,000,000 500,000 50,000 50,000 100,000 200,000 100,000 211 1. Income tax payable of the estate fom rentals. His heirs were Louie and Floyd. The property is under Pedro died two (2) years ago leaving an undivided property deriving income inistration through the decedent's executor. The following data were Louie is married with 2 dependent children while Floyd is single Pesonal Income Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books Additional Information: Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380,000 105,000 30,000 8,250 7,500 18,000 without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd Reu Ullowing: 2. Income tax payable of Louie 3 Income tax payable of Floyd PLZ (Estate) povided during the taxable year: Rental income of the estate Deductible operating expenses (estate) Income distributed to Louie Income distributed to Floyd Dividend income from domestic corporation Interest income from U.S. $ deposits Interest income from peso deposits P1,000,000 500,000 50,000 50,000 100,000 200,000 100,000 211 1. Income tax payable of the estate fom rentals. His heirs were Louie and Floyd. The property is under Pedro died two (2) years ago leaving an undivided property deriving income inistration through the decedent's executor. The following data wereStep by Step Solution
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