Problem $4$

About five years ago, Isabelle, Eden, Samara, and Joy formed a partnership to carry a snow removal and

landscape business. All partners, except Isabelle, made an initial contribution of $$50,000.$ Isabelle made

an initial contribution of $$90,000.$ Each agreed to share in the profits and losses of the business as

follows: $20\%$ to each Samara, Joy & Eden and $40\%$ to Isabelle based on contributions of capital and

labour to the partnership. At the end of the $2023$ fiscal year of the partnership, Isabelle and Samara

decided to go their separate ways. On January $1,2024,$ Samara received $$125,000$ for her partnership

interest, while Isabelle received $$250,000.$ The tax records for the five years ended December $31,2022$

reflected the following cumulative amounts:

Financial results for the year ended December $31,2023,$ are as follows

Other Information

Isabelle is single, and has interest income of $$2,500$ for the year $2023$

Samara has interest income of $$6,600,$ and has made an RRSP contribution in $2023$ of $$2,700$

$($Her earned $2022$ income was $$15,000)$

You have agreed to do the following

Compute the partnership income for the year ended December $31,2023,$ and the income to be

allocated to the partners.