Bender and Leela are equal partners in a business partnership.They…

Question Bender and Leela are equal partners in a business partnership.They…  Bender and Leela are equal partners in a business partnership. They are both 22 years old. Leela works 5 days a week in the business while Bender only works on Saturdays. The income and expenses of the partnership are as follows: Income$Sales230,000Interest5,200 Expenses Operating costs deductible under s.8-183,000Staff salaries50,000Leela’s salary53,000Bender’s salary8,000Staff superannuation4,500Leela’s superannuation12,000Bender’s superannuation450 Calculate the net income of the partnership;Calculate the partnership distribution of each partner; andCalculate the taxable income of each partner. Leela earned no other income but Bender earneda salary of $56,000 from his full-time job Law Social Science Tax law TAX 2000 Share QuestionEmailCopy link Comments (0)