n2 out of SQ2 (15 marks) Question 2 15 marks Jack operates his own bookmaking business. He invites Jones, one of his best friends, to become an equal partner. Jones thus pays Jack $450,000 based on half of the net present value of future cash flows and $50,000 for half of the value of the business's office and equipment. Required: What are the income tax implications for Jack and Jones? question n2 out of SQ2 (15 marks) Question 2 15 marks Jack operates his own bookmaking business. He invites Jones, one of his best friends, to become an equal partner. Jones thus pays Jack $450,000 based on half of the net present value of future cash flows and $50,000 for half of the value of the business's office and equipment. Required: What are the income tax implications for Jack and Jones