For the year 2020/21 tax year, Jepson Ltd, a resident large public company, has the following profit/loss in relation to its income and expenses: income: Rental income received from tenants 160m Fully franked distributions: resident public companies 15m

Unfranked distributions: resident public companies 10m 185m

Less expense: interest in borrowings to purchases shares in public companies 85m 85m

Net income $100m (NB m=milion) require: In your responses below, ensure you state the appropriate legislation, tax rulings or common law cases to support the answer and calculation. p1: determine the taxable income for jepson Ltd for the 2020/21 tax year