QUESTION 4 (CLO 4) Daisy, Cyclamen and Tulip have been partners in the business of flowers and gifts since 2005. The movement control order (MCO) that announced by government has impacted the business in YA2020. In the beginning of year 2021, the partners have decided to renovate the shop to attract more customers. The business has incurred RM50,000 for renovation of the shop. The sales of the business show positive improvement however the report still showing an accounting net loss of RM25,000 as at 30 June 2020. The following information regarding the partnership business for the year ending 30 June 2021 is as follows: Daisy Cyclamen Tulip Capital contribution RM100,000 RM50,000 RM50,000 Interest on capital Monthly salary RM4,500 RM2,000 RM2,000 Profit sharing ratio 50% 25% 25% Reimbursement to RM2,000 RM1,000 RM800 partners for private use. 5% pa 5% pa 2% pa Other information: 1. The partnership donated RM20,000 to an approved institution on 34 June 2021, 2. Depreciation charged for the same period was RM8,000 and the capital allowance of the business was RM6,000. Required: (2) In response to Covid-19, Malaysian government has announced tax exemptions/reliefs to individual taxpayer. Discuss. (6 marks) (6) Compute the divisible income of the partners in respect of the partnership for Daisy, Cyclamen and Tulip (9 marks) (c) Compute the statutory income of the partners for the year of assessment 2021. (8 marks) (d) Explain the tax treatment of the capital allowance and donation in your computation (2 marks)