(1)The net income of a partnership calculated in the partnership tax return is:

(a)exclusive of any losses incurred by the partnership in the relevant income year;

(b)required by sub-section 92(1) ITAA36 to be included in each partner's assessable income to the extent of their interest in the partnership for the period during which they were an Australian tax resident;

(c)only taxable in the income year in which the partnership elects to file an income tax return and disclose the income to the Commissioner of Taxation;

(d)None of the above.