Michael and Jenny are in a partnership. The partnership records, exclusive of GST, for the year ended 30 June 2020 are as follows: Gross receipts from Trading Stock ($) Receipts 440,000 ($) Payments 120,000 50,000 3,000 100,000 1,000 Purchases of Trading S Other important details are stated below: • Michael and Jenny share partnership profits equally • Trading Stock on hand as at 1 July 2019 was $50,000 • Trading stock on hand as at 30 June 2020 was $80,000 • Michael 's personal records include: o Gambling winnings of $500 o Net salary as a part-time Instructor (excluding PAYG Tax Instalments of $1,400) is $8,000 o Subscription to professional journals of $200 o Michael is a member of a private health fund Required: Calculate Michael 's Taxable Income for the Income year explaining your treatment of each item noted in this question.