39 A partnership is formed and earns $50,000 net income in its first year of business. How much of this net income is taxable? a) Only the portion that is distributed to the partners. O b) All of it, no matter how much is distributed to the partners. c) Each partner can decide how much to withdraw, which is then taxable. The amount remaining in the partnership accounts is not taxed until withdrawn. Od) None, since "partnership" is not defined in the Income Tax Act.