Max and Cheryl are in partnership sharing profits or losses equally. The partnership carries on a trading business and has investments in shares.
The net income from the business is $80,000 and the fully franked dividends total $21,000. The franking credits were received from an Australian resident company which is not a base rate entity.

Calculate the assessable income of each partner.

Select one:

a. $50,000

b. $40,000

c. $55,000

d. $50,500