Required: (a) Prepare a statement of net partnership income. (4 marks) (b) Prepare a partnership distribution statement. (4 marks) (c) Prepare a statement of tax liability for Elva. (9 marks) (d) Provide explanation ONLY for receipts and expenditures that are EXCLUDED during the preparation of the statement of tax liability in part (c) i.e. totally non-assessable income and totally denied deductions. You are NOT required to explain partially non-assessable income and partially denied deductions due to apportionment rule. Support your answer with reference to relevant income tax legislation, case law and rulings. (8 marks) (Total: 25 marks)