Question
The partnership of Mr. Abad, Mr. Benitez and Ms. Chavez (ABC Partnership) is engaged in the business of selling automobile parts and components. Compute for
The partnership of Mr. Abad, Mr. Benitez and Ms. Chavez (ABC Partnership) is engaged in the business of selling automobile parts and components. Compute for the income tax of the partnership if they report the following for CY 2021. Upon conduct of valuation review by the auditor, the value of the partnership's net assets excluding PPE exceed P100,000,000.00. Gross sales: P20,500,000.00 Salaries paid to employees: P5,000,000.00 Direct costs/charges related to the business: 4,000,000.00 Written-off receivables: P2,500,000.00 Various supplies used in connection with the business: 3,500,000.00
(Philippines tax regulations)
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