QUESTION 3-COMPANY TAXATION For the 2020/21 tax year, Jepson Ltd, a resident large public company, has the following profit/loss in relation to its income and expenses: Income: $ S Rental income received from tenants 160 m Fully Franked distributions: resident public companies 15m Unfranked distributions: resident public companies 10 m Less expenses: 185 m Interest on borrowings to purchase shares in public companies 85 m Net income 85 m