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Income Taxation Question 1 of 4 10 Poin BEL & CO. is a general professional partnership (GPP). Its partner, Ms. Briona owns 40% interest in

Income Taxation

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Question 1 of 4 10 Poin BEL & CO. is a general professional partnership (GPP). Its partner, Ms. Briona owns 40% interest in the partnership. In 201 records show the following: Gross receipts - P12,500,000; cost of service P3,700,000 and operating expenses P1,900,000 Ms. Briona pays for various business expenses amounting to P50,000 for the GPP from her own money and were not included in the expenses claimed by the partnership. Find the income tax liability of Ms. Briona for taxable year 2019 assuming the GPP availed of: a) Itemized Deduction and b) Optional Standard Deduction (OSD). Answer with text and/or attachments

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