Question 4 0 out of 1 points On 1 October 2017, Johann and Wynona, two computer...

Transcribed Image Text:

Question 4 0 out of 1 points On 1 October 2017, Johann and Wynona, two computer programmers, commenced a partnership. As Johann had contributed most of the working capital, the partnership Xagreement provided that Johann would receive 60% of the net partnership income. For the year ended 30 June 2018, the partnership returned net income of $140,000. This was after a payment of $20,000 in interest to Johann on the $120,000 capital which he had contributed to the partnership. Half of the partnership income is derived from overseas sources. Wynona is not a resident of Australia for tax purposes. What is Wynona's assessable income? Selected Answer: Answers: Nil $70,000 Nil $90,000 $35,000 None of the above Response Feedback: See Sadiq et al, Principles of Taxation Law 2018 (Thomson Reuters, 2018) at para(s) [4.230], [19.50] & [19.90] [19.100] for further reading. Question 4 0 out of 1 points On 1 October 2017, Johann and Wynona, two computer programmers, commenced a partnership. As Johann had contributed most of the working capital, the partnership Xagreement provided that Johann would receive 60% of the net partnership income. For the year ended 30 June 2018, the partnership returned net income of $140,000. This was after a payment of $20,000 in interest to Johann on the $120,000 capital which he had contributed to the partnership. Half of the partnership income is derived from overseas sources. Wynona is not a resident of Australia for tax purposes. What is Wynona's assessable income? Selected Answer: Answers: Nil $70,000 Nil $90,000 $35,000 None of the above Response Feedback: See Sadiq et al, Principles of Taxation Law 2018 (Thomson Reuters, 2018) at para(s) [4.230], [19.50] & [19.90] [19.100] for further reading.

Answer rating: 100% (QA)

Wynonas assessable income would be nil Since half of the par... View the full answer