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 

Answer rating: 100% (QA)

Since X and Y are equal partners each partners share of the net income is 50 Net in... View the full answer