1. Partnership

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

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

2. Corporation

SM Corporation in its fourth year of operation had the following:

Gross Sales                                              80,000,000

Interest in PNB deposit, dollar deposit               150,000

Capital gain on sale of shares of stocks             200,000 (Capital asset)

Interest on trade notes receivables                  120,000

Cost of Sales                                           20,000,000

Business Expenses                                    30,000,000

Dividend from domestic corporation                   90,000

Dividend from resident corporation                   120,000

Capital gain on sale of land with a market

Value of P20,000,000                                10,000,000 (Capital asset)

Sales returns and allowances                           90,000

Sales discount                                             180,000 

Compute the income tax due of SM Corp. if SM is a

1)domestic corporation

2) Resident foreign corporation. They paid a withholding tax of 5,465,780 for the year.

3. Excess MCIT carry forward

GGG Co., a domestic corporation, had the following information for the taxable year in its fourth year of operations:

Year      Gross Profit      Net Income Before Tax

Y4           1,000,000              100,000

Y5           4,000,000              150,000

Y6           1,000,000                90,000

Y7           3,000,000              120,000

Y8           2,500,000               200,000

Disregarding consideration of any quarterly income tax payments, how much is the income tax due from Y4 to Y8?