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Mary and Ted are partners in a delivery business. Their partnership agreement specifies that they are to share all profits and losses equally after allowing for partner’s salaries, and interest on capital. All partnership assets are owned equally. During the 2017/18 year, the partnership has recorded the following transactions.
Note 1: Interest received by the partnership on loan (advance) to Mary.
Note 2: The delivery van was sold on 1 July 2017 with an adjustable value of $12,000. All other capital assets are leased by the partnership.
Note 3: The shares were originally acquired in 2014/15 for $5,000. Neither partner has disposed of any other CGT assets during the 2017/18 year.
Note 4: Neither partner had any other assessable income or deductions during the year.
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