Reference no: EM133076860
Question - Jade and Stephen are equal partners in a partnership. The partnership made an accounting profit of $800,000 in the 2020/2021 financial year.
Details of amounts included in the accounting net profit:
Salary distribution to Jade 90,000
Return on capital investment to Jade 150,000
Return on capital investment to Stephen 160,000
Drawings to Jade 60,000
Interest on capital loan to Stephen 11,000
Superannuation to Jade 9,000
Superannuation to Stephen 5,000
Required - What is the taxable income of the partnership in the current income year, and what are the total distributions to each partner?
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