Taxation law1

BAP31 A T2 2020 FEX Saved to my Mac sut References Mailings Review View Tell me 211 EE Accede ABCDE . Aalbo Abde Accode Emosis Heading 2 Normal Strong Sabse Question 2 (14 marks) Alasdair is a retired solicitor. His wife Tracy is a retired school teacher. Both wish to remain active and they invest in a gift shop that is to be managed by their daughter Carol, who is aged 35. They form a partnership of three called "Carol's Gift Shop'. Alasdair and Tracy contributed $40,000 each to fund the purchase of the shop. The partnership agreement provides: Both Alasdair and Tracy are to receive interest at the rate of 10% pa on their capital contribution of $40,000 Carol will receive a salary of $25,000 for the management of the shop, as well as superannuation contributions of $6,000. A car will be leased by the business and provided to Carol. All profits and losses are to be shared equally between the three partners The accounts for this income year show the following: 240,000 Income (5) Sales (excluding GST) Expenses (5) Cost of goods sold Interest on capital paid to Alasdair and Tracy Salary to Carol Superannuation to Carol Lease payments on car (excluding GST) Other deductible operating expenses (excluding GST) 1 130,000 8,000 25.000 6,000 7.000 14,000 The leased car was used 80% of the time for business and 20% of the time for private purposes With reference to the facts above Required: Calculate the net income of the partnership. Show the allocation of net income to each of the three partners 0 Focus MacBook Air