Prior year 300,000.

00
Current year 650,000.00
Next year 200,000.00
Gross Receipts 1,150,000.00
Less: Expenses
Salaries 82,800.00
Depreciation 20,700.00
Supplies 10,380.00
Ultilities 24,840.00
Transportation 16,560.00
Taxes and licenses 6,240.00 161,520.00
Gain on sale of equipment 65,000.00
Gross income from operations 1,053,480.00
Tax refund 32,500.00
Gross income 1,085,980.00
Less: Itemized deductions
Salaries 55,200.00
Depreciation 13,800.00
Supplies 6,920.00
Ultilities 16,560.00
Interest 3,000.00
Transportation 11,040.00
Taxes and licenses 4,160.00
Other 12,500.00 123,180.00
Taxable/Distributable income 962,800.00
Interest income in peso bank deposit 6,240.00
Interest income in FCDU 11,050.00
Total distributable income 980,090.00

Interest expense 5,574.00

Less: Interest income from peso bank deposit 7,800.00
Arbitrage limit 33% 2,574.00
Total deductible interest expense 3,000.00
 30% 70%
Corolla Toyota Total
Taxable income 288,840.00 673,960.00 962,800.00
Less: CWT, 10% 28,884.00 67,396.00 96,280.00
Income taxable to partners, net of CWT 259,956.00 606,564.00 866,520.00
Income subject to final tax: -
Interest income in peso bank deposit 1,872.00 4,368.00 6,240.00
Interest income in FCDU 3,315.00 7,735.00 11,050.00
Income not taxable to partners 5,187.00 12,103.00 17,290.00
Share of income in GPP, net of CWT 265,143.00 618,667.00 883,810.00

TOYOTA
Final Tax Rate FWT
Passive income:
Interest income in bank deposit 25,000.00 20% 5,000.00
Dividend income from domestic corporation 20,000.00 10% 2,000.00
Total 7,000.00

Capital Gains: Final Tax Rate FWT

Gain on sale of domestic stocks:
Directly through a buyer 60,000.00 15% 9,000.00

COROLLA
Final Tax Rate FWT
Passive income:
Royalty Income 20,000.00 10% 2,000.00
Prize 50,000.00 20% 10,000.00
Total 12,000.00

Capital Gains: -