DEPOSIT: That the LESSEE shall deposit to the LESSOR upon signing of this contract and prior to move-in an amount equivalent to the rent for THREE (3) MONTHS or the sum of PESOS: AMOUNT IN WORDS (P 00,000. The tenant may have enhanced the value of the sublet premises by investing a lot of money in the space. Compliance with Philippine Corporation Code or other relevant laws governing business entities. For hay crops, the share is typically split 50/50. A Sublease Agreement is a legal document that allows a renter to sublease a place that they already occupy. This contract allows a company to share in the profits from a product or service that is directly linked to the company's core business. In the profit share example above the calculated profit share is 31,915. The lease term is 83. The new standard requires lessees to recognize all leases on their balance sheet except for relatively small-value assets and leases with terms of 12 months or less. g house, condominium, or apartment) over a specific period of time in exchange for a payment of rent. This restaurant partnership agreement shall commence as of the date it is signed by both partners and shall continue indefinitely until rightfully dissolved by either partner. 4. (Advertisement) Download the sample Contract of Lease below: Contract of Lease Download File DOCX • 18KB. A Residential Lease Agreement identifies basic information about the lease such as the Bonus rent of 32% of bean yield if it exceeds base revenue. That is why if you need any legal advice or help drafting a profit share agreement you should get in contact with one of our start-up lawyers, or call us on 9343 0381. Partner A manages all of the day-to-day operations while Partner B is a silent backer. – Unless earlier terminated for reasons specified herein, the term of this Lease Agreement shall be for _____ (_____) years to start on _____ and end at noontime on _____ renewable upon mutual agreement of the parties. The vast majority of the responses (83%) reported a 50-50 division of both the corn crop and the soybean crop between the landowner and tenant. In a share lease agreement, the cattle 1. This agreement outlines the distribution of profits and losses from a business venture or project. Certain capitalized . Fri 8:30am - 3:00pm. In real estate, lease contract is considered as the most important legal form because it legally binds two or more parties often referred to as the landlord and tenant. Consult with the Company in regards to the strategy of the Product. Focus in goodwill on the future development and growth of the Product. This amount is the agreed percentage (25%) of the net income (127,660). In addition to income tax, value added tax (VAT) is imposed by the national government at the general rate of 12% of gross sales of goods or properties Jun 22, 2021 · Tue 8:30am - 3:00pm. Share leases are a great example. Lease payments: $100,000 payable annually in arrears. Estimated dividend per share (DPS) of real estate investment Jun 12, 2023 · A Residential Lease Agreement identifies basic information about the lease such as the property to be rented, the period of the lease, the security deposits, and the monthly rental payments. II. Sometimes these guidelines work well enough, but they can also lead to losses especially if the conditions change. TERM OF LEASE. Profit-sharing entitles each person to a fair percentage of the money their efforts produce. The term of this lease shall be for a fixed period beginning on _____ and ending on _____. 5. Please change the dates, terms and conditions and all other items accordingly. The lease shall start on _____ and shall end on _____, with the option to renew under such terms and conditions as may be mutually agreed upon by both parties. The amount of the profit share is based on the input assumptions. Pay rent increases of more than seven percent (7%) are inhibited for houses priced between 5,000 PHP and 8,999 PHP. Term. The Partners agree to make joint decisions regarding inputs. [NTD: Alternatively, the Share-Cropping Rent provisions below may be used . Tax rate. Learn more about Sublease Agreement in Philippines. PFRS 16 is effective for annual periods beginning on or after 1 January 2019. txt) or read online for free. An example of where to detail capital account, profits, losses, and income account information is in our 50-50 partnership agreement template. 130. The profit sharing formula would play out as follows: Employee 1 = ($500,000 X 0. Usually, the distribution of profits and losses Sep 20, 2023 · Here’s how a flexible cash rent lease works. Pre-modification fact pattern for all ten examples. This is sometimes referred to as a landlord-tenant lease or an apartment leasing agreement. This Lease Agreement is customizable for any type of residential rental unit including houses, villas, apartments, condos or townhouses in the Philippines. Step 1: Identify the Roles. Get download leave online to learn profit-sharing matter, day-to-day betriebswirtschaft, additionally what toward grasp dispute are people arising Description which print real conditional in dissolution this LLC, involving this market by asset press current May 22, 2024 · Profit-Sharing Plan: A profit-sharing plan, also known as a deferred profit-sharing plan or DPSP, is a plan that gives employees a share in the profits of a company. These figures will help determine the financial viability of the project and its ability to generate sufficient profits. Simply download the document as a Word document, as a PDF or in Google Drive. III. Sat 8:30am - 3:00pm. Wed 8:30am - 3:00pm. If the landlord insists on receiving 100% of the profits, then the tenant has no incentive to generate any “profits” and seek rents above the tenant’s contract rent. If one of the investors was delegated or volunteered to manage the business, he or she will also get a monthly salary which will be approved by the majority of Nov 21, 2023 · Below are three profit-sharing examples that show different situations of rules associated with profit-sharing plans. In this example, the total remaining cash payments equal $129,276, as shown in the payment schedule Some common examples of profit-loss sharing scenarios may look like: Partner A and Partner B each contribute $100,000 in forming a business partnership. Jan 3, 2024 · The lease is allowed to purchase the leased asset at the end of the lease period. 4445, or the proposed Profit Sharing Act of 2014, business establishments that make a profit for the year shall distribute 10 percent of their net income to all their The BIR clarifies the Tax Treatment of Lease Accounting by Lessees under Philippine Financial Reporting Standard 16 in Relation to Sections 34(A), 34(K), 106, 108, 179, 194 of the Tax Code, as Amended, Revenue Regulations (RR) No. The Partners agree to make equal capital and time contributions as necessary to ensure the success of the Restaurant. LESSEE shall pay the rent every 1st of the month in advance. Assignment and Sub- Lease: The LESSEE hereby shall have no right to assign or transfer its rights, interest and obligations under the lease contract or sub- lease contract premises or any portion there of to any person or entity without the prior written consent of the LESSOR. This generally occurs when a lessor agrees to reimburse the lessee for leasehold improvements. Assume current cash rent is $250 per acre. 13,000. Last week’s article discussed the accounting treatment for a short-term lease and a lease for low-value assets under the new Philippine Financial Reporting Standard (PFRS) 16 and taxation of operating lease as prescribed in Revenue Regulations (RR) No. The cooperative model offers a unique alternative to traditional business structures, emphasizing cooperation, solidarity, and mutual support. For example, this form would be used to rent out an apartment or basement suite. 00 = Php 100,000. A lessor’s aggregate net investment should be presented separate from other assets on the lessor’s balance sheet. This document is a contract of lease between a lessor and lessee. , a year). 14. Aug 30, 2023 · Cooperative businesses are an integral part of the economic landscape in the Philippines. Registration and licensing requirements, such as securing necessary permits or approvals from regulatory authorities. Jul 13, 2024 · Sample of a lease agreement in the Philippines. Using cost budgets for corn and soybeans, crop revenue triggers are $943 for corn and $677 for soybeans. 19-86 both for the lessee and the lessor. Three alternatives for determining the capitalization rate used to estimate an annual land charge are: Safe rate: Interest rate on certificate of deposit + risk premium – appreciation in land value = 2% + 1% – 1% = 2%. In particular, for 80% of all acres Profit Share Agreement Sample. Compliant with Filipino law. 2. If you seek to share the space with another business, our free Sublease Agreement sample will provide a legal framework for stating the terms, responsibilities, and obligations. An old rule of thumb for cow share leases has been a 70:30 split, with the operator retaining 70%. Your percentage of profit share will be 16. This can be done by calculating the expected gross profit margin, operating profit margin, and net profit margin. Add your electronic signature to the profit sharing agreement and send it further for signing. You may visit us at the 16 th Flr. Lease Agreement. This Lease Agreement (the “Agreement”) is entered into on [Date], by and between: Landowner: [Landowner’s Name] [Address of Landowner] Tenant: [Tenant’s Name] [Address of Tenant] Land Description: The land subject to this leasehold arrangement is described as Feb 27, 2024 · The tax for rental income in the Philippines is progressive, meaning the more you earn, the higher the tax rate you will pay. Split 50/50 on gross income/acre over $700/acre, up to maximum of $60 over base rent. 1 Lessors: Sales-type and direct financing leases. PROFIT SHARING AGREEMENT (this “Agreement”), dated as of November 3, 2016 (the “Effective Date”), by and between Great Elm Capital Management, Inc. Nov 30, 2022 · For example, if the landlord is simply allowing the tenant to use the land and isn’t covering any of the expenditures related to the business, their share of the profits are unlikely to be 50%. A very important difference between a 401(k) plan and a profit-sharing plan lies in those who contribute to the company profit sharing plan. This contract is free to copy, revise for individual use. So, 5kg of feed would cost ~ Php. 00), Philippine Currency. 28 = $21 extra rent. Ag Lease 101. Sample Leasehold Arrangement for Land in the Philippines. Jul 27, 2023 · Units whose monthly rent does not breach the 5,000 PHP per month rent are only allowed a two percent (2%) price increase every year. It is crucial to identify which party occupies a specific role in an agreement. Lease term: 5 years from 1 January 20x1 to 31 December 20x5 with no extension or termination options. When everything is done, print atleast four (4) copies and the Principal must acknowledge the same to the Notary Public. TERM OF THE LEASE. Dec 13, 2023 · Profit sharing is a type of pre-tax contribution plan for employees that gives workers a certain amount of a company’s profits. docx), PDF File (. doc / . The company's profits are $500,000. 1. A Partnership Agreement outlines the management of a partnership and the rights, duties, ownership interests and profit shares. Under this type of plan, an Collaborate business arrangements allow your business to work with other businesses, such as on a joint project. Sun 8:30am - 3:00pm. It is advised to seek the counsel of a lawyer before entering into any agreement or executing any legal document. #2 – Calculation of present value (PV) of min finance lease payments. By insisting on receiving all of the profit, the May 23, 2024 · A profit sharing agreement is a legally binding document. docx) VIEW SAMPLE. Jan 28, 2009 · Let’s also build a maintenance reserve fund at P1,000 a month or P12,000 a year. This document outlines a management and profit sharing agreement between three partners of a company. Nov 5, 2019 · Nikkolai F. This, in a nutshell, is the nature of joint ventures in the Philippines. - Key details that should be included in a lease agreement are the rental rate and payment schedule, length of the lease term, responsibilities of the landlord and tenant, and terms for renewals or ending the lease. The lease is for a monthly rental amount, to be paid according to For example, if an individual’s share of profits is $10,000 and the total profits are $100,000, the profit share percentage would be 10% ($10,000 divided by $100,000, multiplied by 100). 2. 02-98, as Amended. Base and bonus calculated by (county index crop insurance yield x average price x 20%). Ag Lease 101 was created by and is maintained by the North Central Farm Management Extension Committee. e. 00 (for 5kg of broiler feed) per bird. ARTICLE IV PURPOSE OF THE LEASE. RATE. All the Memorandum of Lease Agreement templates are available in different formats in various websites. To be taxable, the person deriving the profit must be either a citizen or resident of the country, and the “source” of the income Sep 8, 2023 · The feasibility study should include a detailed analysis of the projected profitability of the project. , a Delaware corporation (“GECM”), and GECC GP Corp. Nov 5, 2019 · A lease is classified as a finance lease if it meets all of the criteria: the contract must be a noncancela­ble lease; the lessor purchases or acquires movable or immovable property at the instance of the lessee; the considerat­ion for the purchase is a fixed amount of money and must be sufficient to amortize at least 70% of the price over a right to the IDEAL or metaphysical share of each co-owner RULES REGARDING THE IDEAL SHARE 1. If not already displayed, click on the Main data tab, and in the Rent Steps grid, enter Gross Rent of 1,000. . See LG 4. FREE Fully Printable (docx) Lease Contract at the bottom of this page. With comprehensive solutions like Signaturely, the process of creating and signing your profit or revenue-sharing agreement can save you time and money. By using this profit sharing template, you’ll be on your way to forging stronger partnerships and navigating toward shared financial achievements. Oct 25, 2021 · We often rely on “rules of thumb” as mental shortcuts to guide business decisions. Apr 26, 2017 · NOW, THEREFORE, by mutual agreement, both parties have agreed to extend the term of the said Contact of Lease for another _____ (_____) year(s), from _____ to _____, under the same applicable terms, consideration, and conditions of the original Contract of Lease, a copy of which is hereto attached and made an integral part of this Agreement. Feb 1, 2024 · As a pro-rata profit sharing example: Suppose a company gives employees 10% of annual profits. Any selling profit and initial direct costs should be deferred and included in the net investment in the lease. Under the former plan, the employee itself contributes to the plan for the investment in the retirement plan, while in the latter, the retirement payments only Last Will & Testament. The lessee is required to recognize a right-to-use asset and a lease liability Aug 14, 2012 · The most common compromise is for the parties to agree to equally share any profits generated from an assignment or sublease. Name and Business. Word Document (. the landowner would pay one-third of the expenses and receive one-third of the crop. 00, computed as follows: Php10,000,000 (100,000 shares x Php100 par value) / Php200 x Php2. Philippine Legal Forms. Use this free Commercial Sublease Agreement Template when a tenant wishes to sublet their leased commercial space to a third party. Drafted by experienced lawyers. Exhibit 10. In general, the parties to the agreement will be seperate businesses or companies. Example: $600 gross revenue on corn – $525 = $75, x . These enterprises, owned and operated by their members, contribute to poverty reduction, job creation, and sustainable development in the country. The profit-sharing payments depend on the: With a profit-sharing plan (PSP), employees receive an amount based on the company’s earnings over a specific period of time (e. 19-86, as Amended, and RR No. g. A Residential Lease Agreement is a legally binding contract QAU Memo 2019-03 : PFRS 16 Leases. , a Delaware corporation (“GP Corp”). - The document provides a sample contract for leasing or renting property in the Philippines. The partnership shall commence on ( state date of commencement) and shall continue to exist until terminated as Start by clicking turn "Fill out the template". Fill in the blanks and double-check if all of the information is correct. 3. The rent shall be _____ (₱_____) per month. REIT dividend per share Philippines 2023, by company. Base cash rent will be $225, or 90% of current cash rent. Finally, for rental units priced between 9,000 PHP and 10,000 PHP, rent payments can only Mar 26, 2024 · Retail space average lease price Metro Manila Philippines Q3 2022, by CBD. There are Manangement and Profit Sharing Agreement Sample - Free download as Word Doc (. 3 The Rent shall be exclusive of property taxes, which shall be the responsibility of and paid by the Landlord. 01 (a) As consideration herein and specifically as an advance towards future rent (“Advance of Rent”) owed by LESSEE to LESSOR, upon execution of this LEASE, LESSEE shall pay LESSOR a one- time payment in the sum of $45,000. 00 x 5kg = Php. The principal office of the business shall be in ( state address of the office ). Each co-owner must have full ownership of his part and his share of the fruits and benefits 2. Estimated returns per acre: Contract of Lease Template Philippines - Free download as Word Doc (. The Parties agree to the following terms and conditions with respect to the notarization of lease contracts in the Philippines: 1. Cash rent value divided by land value per acre = $33/a ÷ $900/a = 3. 12. ] 3. Add eSignature & share. For example, suppose you will work with a company on a shared project. Ag Lease 101 helps both land owners and land operators learn about alternative lease arrangements and includes sample written lease agreements for several alternatives. REVENUE MEMORANDUM CIRCULAR NO. Thus, if a landlord leases office space to a tenant at $25/sf with a $20/sf improvement allowance and the tenant spends an additional $50/sf of its own money improving the space it is quite possible that the “market” for this enhanced To enter this lease in EZLease, follow these steps: in the box that appears, enter 96. RENT BIR Updates. He may alienate, assign or mortgage his ideal share but of course without prejudice to the exercise of the others of their right of legal redemption 3. May 24, 2012 · What is a profit share lease? in these cases the landowner may receive a relatively higher percentage of the net profits, actual examples in this situation have been from 50 to 67% of the net II. Complete the document. Profit Sharing Rent. This Lease will serve as a legally binding contract between the parties, outlining the For example, the Philippines-United States Tax Convention (1983) reduces the withholding tax on most cross-border interest payments to a maximum of 15% of the gross amount of such interest. To aid in understanding and drafting a long-term lease agreement in the Philippines, we provide a sample lease agreement. And x 100 chicks, this cost would be: Php. Sample Clauses. 00. The original tenant and the new renter often sign the Sublease Agreement. So, that’s how DST is calculated for one category of transaction document. pdf), Text File (. For example, if within one year of the balance sheet date, there is a lease incentive of $1,000,000 that will be received and the total lease payments to be paid during that period are $800,000, there would be a net $200,000 inflow. Book No. Ready to use legal template. The parties hereby form a partnership under the name of ( state name of partnership) to conduct the business interest. The Philippine Financial Reporting Standard (PFRS) 16 on Leases became effective on 1 January. Get the form. , Suite 1607 AIC Burgundy Empire Tower, ADB Ave. You be be able up modify it. This Lease will provide a quick and easy way to describe all of the terms of the parties’ agreement for commercial properties. Lessee leases office space from Lessor with original terms as follows: Size of office space leased: 5,000m2. - Lease contracts need to clearly outline the rights and obligations of both the Apr 12, 2024 · Profit Sharing Plan Vs 401(k) Plan. Your document has ready! Thou will receive it in Word furthermore PDF formats. A detailed guide on how to draft a contract of lease for a house and lot. Example 1 Fred needs to come up with $10,000 to pay back taxes to the IRS from Jul 16, 2013 · 3. Most importantly, you should use a profit sharing contract to ensure that everyone involved is paid fairly. Apr 24, 2017 · 11. A profit-sharing agreement is also known as an incorporated joint venture Some key legal requirements for Joint Venture Agreements in the Philippines may include: 1. Nicolas & De Vega Law Offices is a full-service law firm in the Philippines . Apr 26, 2024 · A Residential Lease Agreement is an agreement for one person (the " Lessee ") to rent the property of another (the " Lessor ") for residential purposes (e. Use of the Leased Properties. The farm uses a corn-soybean rotation. The major economic difference between a cash lease and a share lease is that a cash lease “rents” the cows for a set cash price for a period of time, whereas a share lease guar-antees each person a portion of the year’s calf crop. Simply answer the questions below to personalize your Residential Rental/Lease. Perform other duties and services that are required by the Company, in regards to the Product, in order to accomplish the aims of this Agreement. Choose a template in PSD, PDF, MS words and other forms as Jan 27, 2024 · A joint venture agreement in the Philippines can be used in many situations, including: Real estate development: Foreign investors often partner with local firms through a joint venture agreement for construction in the Philippines to develop residential and commercial properties. These lease agreements differ as to which person bears risk. Whether your agreement is split 50/50, 60/40 or 70/30, it’s important to have it in writing and signed by all parties to the contract. Collaborative business arrangements can take the forms of: contractor services agreements with a profit share element. 00 per kg. This lease may be renewed upon terms and conditions mutually agreed upon by the parties. The Jun 3, 2023 · The total lease expense for an operating lease under ASC 842 is the sum of the remaining payments as of the transition date adjusted for any deferred/prepaid, incentive, or initial direct cost balances, divided by the remaining term of the lease. In the case of a contract-agreement, it is vital to label each party correctly as who will be the “Company” and who will be the “Party” or “Parties” in case of multiple partnerships. 1 for information on measuring the net investment in a sales-type lease. My family (in-laws, wife and I) have a thriving restaurant and bar on the waterfront with a fantastic team Jul 13, 2008 · For example another Php50,000 was added to the initial capital, then it will become php150,000 which you have to divide 25,000 to 150,000. 11-2024. 4. This type of agreement is between two or more businesses. A profit-sharing agreement is a legally binding contract that regulates and outlines the terms and conditions of a profit-sharing process. Dec 14, 2021 · A revenue sharing agreement is a legal document between two parties where one party has to pay a percentage of profits or revenues received to the other for the rights to use something. For rental properties, never assume that a property will always be tenanted 100% of the time so for this example, I shall be using a conservative assumption of 1 month of vacancy per year. Feb 16, 2022 · According to sources like this video, the current poultry feed costs could be around Php. It is a document that two parties use in working together for a similar purpose, typically within a project-based timeframe. 10) X ($100,000/$300,000 Our Intellectual Profit Sharing Agreement template is designed to provide a robust framework for your profit-sharing arrangement. For Income Tax purposes, an operating lease is defined as a contract under which the asset is not wholly amortized during the primary period of the lease, and where the lessor does not rely solely on the rentals during the primary period for his profits, but looks for the recovery of the The Commercial Lease Agreement is used when a commercial property is rented from a landlord (or lessor) to a tenant (or lessee). Answer a few related and your document is create automatically. It would be best if you also decided whether the income accounts will pay interest to the partners. _______; Series of 202__. The net investment in the lease should be measured in the same manner as a sales-type lease adjusted for selling profit and initial direct costs. For the most part, the typical 50-50 crop share is still the predominant form of crop share leased acres. Injury or Damage: The LESSEE hereby assumes the full Partnership Agreement. RENTAL FEE. Enter Fair Value of Building/Equipment as 62,000. Jun 5, 2020 · So, in this example, the DST payable on the original issuance of 100,000 shares of stock at par value of Php100 per share, is Php100,000. The rate depends on the total income you have made the whole year. 6. Summaries of Ag Lease 101 publications A Residential Lease Agreement is used when a Landlord wishes to rent or lease property to a Tenant for residential and possibly home-based business purposes. 1. You must protect your property before subletting it and make the new renter accountable for any damages. Enter an Economic Life of 144. You can access and use this sample by clicking the button below. It establishes that Partner A and B will be responsible for financial obligations while Apr 23, 2020 · The traditional share arrangement for a grain crop like corn or wheat is one-third to the landowner and two-thirds to the tenant. This template covers typical clauses and conditions relevant to leasing real estate in the Philippines. RENT. manner provided in this Lease or, if not so provided, as reasonably required by the Landlord. Philippine Financial Reporting Standards 16 Leases (PFRS 16) Overview: The new standard is issued on January 13, 2016. This can bring a multitude of opportunities for growth and success. With a free Profit Sharing Agreement template from Jotform Sign, you can align the interests of multiple parties I. The lease satisfies most of the conditions; hence it is classified as a finance lease. It replaces all previous PFRS provisions on lease accounting (PAS 17, SIC 15, SIC 27 and IFRIC 4). Remember - Print. In that case, this contract can establish rules, guidelines, and payment Dec 26, 2016 · Philippine Legal Forms: Lease Contract. 00 to feed 100 birds until they reach a marketable age and weight. Canceran 05 Nov 2019. Jul 2, 2023 · c) Each partner has an income account, where the share of profit and loss is credited or debited. , Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. Complete the fields. Apr 23, 2017 · ARTICLE III TERM OF LEASE. The rate is as follows: Taxable income. It includes essential clauses such as Profit Allocation, Roles and Responsibilities, Confidentiality, and Termination Effects, among others. Thu 8:30am - 3:00pm. Oct 24, 2022 · The purpose of this profit sharing calculator is to calculate profit share to be paid to employees. Land lease: A joint venture agreement between landowner and Jul 13, 2014 · Under House Bill No. Notarization Requirement: In accordance with the provisions of the Philippine Civil Code and other relevant laws and regulations, it is mandatory for lease contracts exceeding one year to be notarized. 33% (5/6), which is more than 75% of the leased asset’s useful life. The lease contract contains rental agreement, which specifies the tenant's right to live and the landlord's right to retain ownership. Between ₱ 250,000 ($4,250) and ₱ 400,000 ($6,800) 15%. Usually, the expenses paid, and crop received, are equal to the share — i. In a sales-type or direct financing lease, the lessor derecognizes the leased asset and recognizes a lease investment on its balance sheet as discussed in LG 4. Get a Memorandum of Lease Agreement template as all our writers are working on the templates authentically. The templates are designed according to the general terms and conditions. #. A Land Lease Agreement is a legally binding contract between a landlord and his tenant that specifies all of the requirements for renting a house or apartment as a residence. Employee 1 earns $100,000, and employee 2 earns $200,000 annually (a total of $300,000 in compensation). 26. Aug 5, 2021 · A good start-up lawyer can help draft a profit share agreement that minimises both the commercial and legal risks to your business. 7%. QUESTION FROM: Richard in SC “I’m looking for a basic partnership or business sharing agreement for my chef. The lessor owns a property, which they are leasing to the lessee. A Profit Sharing Agreement is a contract between an organization and another entity — such as between partners or employees — that outlines the terms and conditions under which generated profits will be shared and distributed. It outlines the obligations of both the Lessor and the Lessee during the period of the lease. Table 1 below shows how the various costs were divided. DOWNLOAD. The Land Lease Agreement protects both the landlord and the tenant in the case In summary, in determining whether an income is taxable in the Philippines, two factors must be considered: (I) The citizenship and residence of the person obtaining the gain and (II) the “source” of income. The exact method of calculation may differ based on the specific terms and conditions outlined in the profit sharing agreement. Less than ₱ 250,000 ($4,250) 0%. 3. PROFIT SHARING AGREEMENT. vz lf ed tx kh mm pf ta gy jl