Inctax_partnership_discussion

Income Taxation on partnerships

By Kate Elleso

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

HOW MUCH IS THE TAXABLE INCOME OF PARTNERSHIP?

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

HOW MUCH IS THE TAXABLE INCOME OF PARTNERSHIP?

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

HOW MUCH IS THE DISTRIBUTIVE SHARE OF EACH PARTNER IN THE INCOME OF THE GPP

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Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

HOW MUCH IS THE TAXABLE INCOME OF JUDEJAY?

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,

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

ASSUME THE PARTNERSHIP IS A GENERAL PARTNERSHIP, HOW MUCH IS THE TAXABLE INCOME OF THE PARTNERSHIP?

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,

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

ASSUME THE PARTNERSHIP IS A GENERAL PARTNERSHIP, HOW MUCH AMOUNT OF APPLICABLE TAX?

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Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

ASSUME THE PARTNERSHIP IS A GENERAL PARTNERSHIP, HOW MUCH IS THE TAXABLE INCOME OF JENNY?

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,

Fill in the Blank

Judejay, Jenny, and Jury & Co. CPAs, is a general partnership (GPP) with assets of 25,000,000. The partners are participating equally in the income and losses of the GPP. The following are the data for the partnership and the partners during the taxable year.

General professional partnership Judejay Jenny Jury

Gross income 5,000,000 3,500,000 2,000,0000 2,800,000

Expenses 3,500,000 1,200,000 600,000 825,000

Income subject to final taxes (net) 600,000 200,000 200,000 200,000

ASSUME THE PARTNERSHIP IS A GENERAL PARTNERSHIP, HOW MUCH IS THE FINAL TAX OF EACH PARTNER FROM THEIR SHARE IN THE INCOME OF THE PARTNERSHIP?

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​THANK YOU!