Carmen and Emma are in a partnership in retailing fashion accessories. The partnership records,exclusiveofGST,forthisincome year,disclose:

Receipts($):430,000GrossreceiptsfromtradingPayments($):125,000Purchasesoftradingstocks60,000Partners'salaries(each)15,000Interestoncashadvancemadetothe partnershipbyCarmen130,000Salariesforemployeesand rentpaid7,000Legalexpensesinrecoveringbaddebts

Otherdetails:

• CarmenandEmmasharepartnershipprofitsequally
• Tradingstockonhand1July:$25,000
• Tradingstockonhand30June:$30,000
• Carmenspersonalrecords disclose:
  • Gamblingwinnings:$15,000
  • Netsalaryasapart-timeinstructor$25,000
  • Subscriptiontoprofessionaljournals:$3,500
• Carmenisamemberofaprivate healthfund

Calculate Carmens taxable income for the income year explaining your treatment of each iteminthisquestion.