Compute the income tax, Compute the income tax due from

Compute the income tax

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Reference no: EM131811011

XYZ X Y Z

Gross Income 3,000,000 800,000 1,000,000 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

NOTE: XYZ agreed that they will share profit and losses at a ratio of 7:9:8.

Reference no: EM131811011

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