Em and Fifty formed a tax consulting partnership on February 1, 2018. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2022, Fifty sold his interest to Julie for $150,000.

The following is the income statement of the partnership:

Em and Fifty

Income Statement

For the year ended December 31, 2021

Gross revenue $424,400

Expenses:

Office expenses $69,000

Rent 58,300

Office salaries 74,300

Charitable donations 10,600

Amortization (Note 1) 23,300

Meals and entertainment 15,000 250,500

173,900

Other income:

Gain on sale of shares (Note 2) $84,800

Dividends from Canadian-resident public corporations 40,000

Capital dividends 17,000 141,800

Net income $315,700

Notes:

1. Capital cost allowance (CCA) for 2021 was $40,300.
2. The capital gain for tax purposes is the same as the financial accounting gain.

In 2021, each partner drew $132,000.

Prior year financial statements of the partnership provided the following information for the following years ended December 31:

2018 2019 2020

Business income (loss) $(70,000) $127,300 $159,100

Taxable capital gains - 12,800 -

Charitable donations - 4,200 8,400

Drawings Em 24,000 48,000 60,000

Drawings Fifty 24,000 48,000 72,000

1. What is the partnership income for the year for tax purposes?