X and Y are equal partners in a business partnership. The income and expenses of the partnership
Question:
X and Y are equal partners in a business partnership. The income and expenses of the partnership are as follows:
Income | $ |
Sales | 530,000 |
Interest | 7,200 |
Expenses |
|
Operating costs deductible under s.8-1 | 93,000 |
Staff salaries | 55,000 |
X's salary | 53,000 |
Y's salary | 8,000 |
Staff superannuation | 5,500 |
X's superannuation | 12,000 |
Y's superannuation | 450 |
Interest paid on loan from Partner X | 2000 |
The net income of the partnership is: 381700
State the amount of net income of the partnership to be attributed to each partner into their taxable income.
The amount of net income of the partnership to be included in Partner X 's taxable income will be
The amount of net income of the partnership to be included in Partner Y 's taxable income will be
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill