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Robin and Nissan are the owners of a gift shop. They are partners in a partnership of the shop. They share profits and losses equally under the partnership agreement. In addition, Robin receives salaries of $60,000 every year from the partnership for taking on the daily management role in the shop. In this income year, the partnership makes a loss of $90,000 after deducting the salaries paid to Gary.
Required:
Explain the tax implications of Robin and Nissan in this income year.
wilson owned equipment with an estimated life of 10 years when it was acquired for an original cost of 80000. the
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