Alyssa and Austen commenced a car dealership business in 2019 as equal partners. Each owns a 50%
Question:
Alyssa and Austen commenced a car dealership business in 2019 as equal partners. Each owns a 50% interest in assets of the partnership. The sales income derived by the partnership for the year ended 30 June 2022 is $16m. On 5 February 2022, the partnership sold a number of assets that were used in the partnership:
The partnership also has the following expenses for the year ended 30 June 2022:
The partnership also had $200,000 losses brought forward from the 2021 income year. You may assume that the CGT small business concessions do not apply. Question 4 [9 marks] Calculate the partnership's net income and Alyssa's share of the net income of the partnership for the year ended 30 June 2022 under s 92 ITAA36. Show all workings and explain any exclusions from the net income of the partnership. |
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III