(CPA REVIEW SCHOOL OF THE PHILIPPINES Manila a etsy Bee ee is ; 1. As ropa a busines partnership, which ofthe following ent comet? ond ‘The partnership must file quarterly and year end income t=x retums, (2 d= USO see ae CSU et ari te store ee PN ey ot cnty mens ed ees ret SORE eagle es umes Eades aaa ara yee 2, The lowing statement renin ale putas ae come, except ‘They ile quarterly and year-end income tax ren. 1. Ty are subject to the rules on corporation for capt guns tn, inal tax on passive income, ‘onal income tax, MCT and gross inome fax. {& The pane share inthe distrbutble net nacre i subject to inal ta, ‘he frtatsip because the partnership ie exempt fom insome tax 4 Can consotidate his shee inthe net inceme of the parersip under sceral method with his own Income under the ath method. 5. Which ofthe folowing s 2 When the comers isnatcaesr? come of the property co-owned in business or in any income tong themseves ino business. pater, such ax becase the activities ofthe co-owners are ‘ater hoy ected or organi E4000 Cpe&. Phx2s0.000| « Php225,000 4 hp255,000 4. hp233,100, 4 eine tn pc rd pai or 15g pte ee bibs tee cme of pois eee aor ; : [i er sing the preceding number, the nt dsribatable share of B (sient cizen) is P162,300 £730,000 sad P230,000, respectively, B, single, alo ha his own businoss generating PASODDO i net ‘ales, nd incurring cost of sales and deducble expenses of P20000band PS0,00, respectively, & Thay share profits and loses of thir artnet 1 the peep isa GPP, the table iacome of Asbo eval ofthe OSD i erPanoon rae 009 210% IT SH a) None26.A.Co. and B Co, domestic corporations, both engaged inthe trsporstion business with operations {a Northem end Central Lazon formed a joint venture agreeing dst te et income ofthe joint ‘entre cqully. In txable yur the jae vente hada gros income of 5.00000 and expen of 3,500,000 Determine: 1 Tho ncame ax ibility ofthe joint venture, 2B 430,000 © PI050,000 The nat Taetos