On 1 October 2016, Mark and Jack, two computer programmers, commenced a partnership. As Mark contributed most of the working capital, the partnership agreement provided that Mark would receive 60% of the net partnership income. For the year ended 30 June 2018, the partnership returned net income of $120,000. This was after a payment of $10,000 in interest to Mark on $150,000 capital which he had contributed to the partnership. $30,000 of the net partnership income was derived from overseas.
(a) Calculate the net income of each partner for the year ended 30 June 2018.
(b) If John was a non-resident for tax purposes, how would this effect the net income of each partner?
Recently Asked Questions
- QUESTION 24. 4Marks. From the various types of geological and historical evidence used when investigating how climatic conditions change, which one is the ODD
- what three topics of art that are displayed in this phote. examples line light other Elephant, from the Valois Tapestries:Renaissance Splender: Catherine de’
- Social Cognition. [Total=30] a) Select two comic strips (with multiple frames; get the same strip two days in a row). Provide a schematic profile -- describe