(c) Riley and Bailey are planning to start a new business together. They are expecting annual taxable income of $250,000 from their business, but they are concerned about the expected tax burden. They know that the corporate tax rate is 30% and individual tax is payable as per the following table: Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000 They are seeking your advice on the tax implications of the two following forms of business structures and have requested you to calculate the tax payable under each of them: (i) Partnership - Riley 30% and Bailey 70%. (ii) Corporation (iii) Which form of business would you recommend to Riley and Bailey and why? (Marks 2 + 1 + 1 = 4)