George Gingero is a one$-$fourth partner in Sweet Tooth, a restaurant that specializes in desserts. George maintains a full$-$time job and earns a salary of $$270,000.$ In the evenings and on weekends, he works at the restaurant, as do the other partners.

The partnership year$-$end is December $31.$ The financial results for $2023$ and other information is provided below.

Sales $ $700,000$

Cost of sales $240,000$

Gross profit $460,000$

Expenses:

Salaries $ $180,000$

Rent $80,000$

Maintenance $12,000$

Amortization $20,000$

Donations $8,000$

Supplies $12,000$

Other $22,000334,000$

$126,000$

Other income:

Capital gain on sale of previous franchise $100,000$

Dividends $($non$-$eligible$)$ from Canadian corporation $9,000$

Net income $ $235,000$

The amortization expense relates to the restaurant$$s equipment. At the end of the previous year, the undepreciated capital cost of the class $8$ equipment was $$36,000,$ and of the class $53$ equipment was $$30,000.$

During the year, George receives cash distributions of $$25,000$ from the partnership. In addition, the donations paid by the partnership are designated one$-$fourth to each partner.

One of the other partners recently offered to buy George$$s partnership interest for $$100,000.$ George refused the offer as he plans to continue working in the restaurant. The partnership$$s accountant informed George that the adjusted cost base of his partnership interest is $$60,000$ on January $1,2023.$