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4 Cards in this Set
- Front
- Back
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Partnership not subject to income tax |
1. General Professional Partnership (GPP) ✔Itemized deduction/OSD ❌8% GRT not allowed 2. Joint Venture or Consortium ✔energy operation ✔agreement with government |
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Tax Liability of Partner in Nontaxable Partnership |
1. Report as gross income in separate and individual capacities 2. Share in loss is deductible in ITR 3. ≤ 720 000 : 10% CWT >720 000 : 15% CWT |
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Tax Liability of a Partner in a Taxable Partnership |
Subj to FT - Share in net income RC NRC RA : 10% FT NRA ETB : 20% FT NRA NETB : 25% FT DC : Exempt RFC : Exempt NRFC : 15% (tax sparing rule) |
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Tax rates applicable for estates and trusts |
1. Graduated Rates 2. 8% of gross sales or receipts plus non-operating income not exceeding 3 million, net of 250 000 |
