Fred and sue carry on a partnership together with gross receipts for the current income year or $100,000. During the year the following payments were made: Purchases of trading stock Lease payments on two cars 20,000 30,000 Stock on hand at the beginning of the income year was $6,000 and at the end of the year it was $6,600. Both cars were used for business purposes, but one of the cars is used by Fred 40% for private purposes. 

Required: 

What is the section 90 ITAA36 net income or partnership loss?

 Please show your calculations and refer to sections or legislation where appropriate.