NEED Advise Jimand Janeregarding the income tax implications arising from the above facts. HIRAC METHOD

One weekend in June 2021, Jimand Janecaught up with their friend Timmywho was studying tax law at the University of New Principles. Timmytold Jimand Janethat in relation to their investment property, they should agree to allocate all of the losses to Jim, and most of the profits to Jane. Jimand Janedecided to take Timmys advice and in June 2021they entered into an agreement entitled Partnership Agreement which provides that Jimis entitled to 10% of any profits from the property, and Janeis entitled to 90% of profits from the property. The agreement also provides that Jimis entitled to 100% of any loss from the property.