I am confused about computing income tax in partnership if there is? Please guide me.

TAX 1 Income & Business Taxation GBS FOR WEEK NO. 09 Period Covered: ____________________________ SCHOOL YEAR _________________ | ________ Semester Midterm Examinations NAME OF STUDENT:___________________________________________________ 1. Partnership XYZ Gross Income X Y Z 3,000,000 800,0001,000,000 2,000,000 Expenses 900,000 200,000 500,000 800,000 Income Tax paid 100,000 80,000 150,000 none Capital losses 120,000 20,000 300,000 none X is a widower with 3 qualified dependent minor children, while Y is single with 5 illegitimated recognized minor children from different mothers and Z is single. Compute the income tax due from XYZ, X, Y and Z for the year if XYZ Partnership is a: 1. Trade Partnership 2. General Professional Partnership XYZ agreed that they will share profit and losses at a ratio of 7:9:8. 2. Corporation SM Corporation in its fourth year of operation had the following: Gross Sales 80,000,000 Interest in PNB deposit, dollar deposit 150,000 Capital gain on sale of shares of stocks 200,000 (Capital asset) INSTRUCTIONAL MATERIALS MADE EASY | GLOBAL NETWORK COLLABORATORS AND CONTRIBUTORS | COMPILED FOR EDUCATIONAL PURPOSES ONLY | UPDATED: 2014.05.15 Interest on trade notes receivables 120,000 Cost of Sales 20,000,000 Business Expenses 30,000,000 Dividend from domestic corporation 90,000 Dividend from resident corporation 120,000 Capital gain on sale of land with a market Value of P20,000,000 10,000,000 (Capital asset) Sales returns and allowances Sales discount 90,000 180,000 Compute the income tax due of SM Corp. if SM is a 1)domestic corporation 2) Resident foreign corporation. They paid a withholding tax of 5,465,780 for the year. 3. Excess MCIT carry forward GGG Co., a domestic corporation, had the following information for the taxable year in its fourth year of operations: Year Gross Profit Net Income Before Tax Y4 1,000,000 100,000 Y5 4,000,000 150,000 Y6 1,000,000 90,000 Y7 3,000,000 120,000 Y8 2,500,000 200,000 Disregarding consideration of any quarterly income tax payments, how much is the income tax due from Y4 to Y8? SUBMISSION Instruction: INSTRUCTIONAL MATERIALS MADE EASY | GLOBAL NETWORK COLLABORATORS AND CONTRIBUTORS | COMPILED FOR EDUCATIONAL PURPOSES ONLY | UPDATED: 2014.05.15 Deadline e-mail : : Filename Subject (Re) : : Sunday of Week 10 (Extension: Sunday of Week 11). tax1@vem.edu.ph [COPY FURNISH THE FOLLOWING e-mails: college@vem.edu.ph; TAX 1 - WEEK 09 - Activity and Output - YOUR NAME.doc TAX 1 - WEEK 09 - Activity and Output Compiled By: Instructional Support Network (ISN) INSTRUCTIONAL MATERIALS MADE EASY | GLOBAL NETWORK COLLABORATORS AND CONTRIBUTORS | COMPILED FOR EDUCATIONAL PURPOSES ONLY | UPDATED: 2014.05.15