Ray and Louie are partners in a business. According to their partnership agreement, they must share profits on a 60% (Ray) / 40% (Louie) basis after salaries and any interest on capital account. Losses are also shared on the same basis. The partnership agreement provides that both partners are entitled to receive an annual salary of $10,000 and Louie interest of $8,000 pa on his contribution to the partnership capital account During the 2020 tax year Ray received wages of $25,000 from his job as a security guard unrelated to the partnership. Louie received $65,000 in unfranked dividend on his Watpac shares, also unrelated to the partnership At the end of the 2020 tax year, their partnership profit and loss show the following transactions: Income from their partnership business: $520,000 Salaries for staff: $120,000 Salary for Ray: $10,000 Salary for Louie: $10,000 Interest on capital account to Louie: $8,000 Required: Answer the following questions in relation to the year ended 30 June 2020. Students must give reasons for their answer. This discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law. If relevant, students must show calculations a) Calculate the net income of the partnership (8 marks) b) Explain how you would calculate Ray's taxable income, including his distributions from the partnership. (6 Marks) Explain SOWOLOld.calculate come taxable income includina bis distributions from the ere to search