Transcribed Image Text: Ryan, Maria and Mike are partners in a law firm. The partnership earned $1,200,000 net profit during the financial year ending 30 June 2020 and did not

Transcribed Image Text: Ryan, Maria and Mike are partners in a law
firm. The partnership earned $1,200,000 net
profit during the financial year ending 30 June
2020 and did not pay any salary to any of the
partners during the year. On 1 July 2019,
Maria loaned $100,000 to the partnership
and received $10,000 interest from the
partnership over the 2019/2020 fiscal year,
which is already considered in calculating
partnership earning for the year. Meanwhile,
Maria also earned $200 from gambling.
Allowable deductions for Maria during the
year consist of $300 paid for allowable
professional subscriptions. Calculate net tax
liability for Maria (Use tables for your answers,
no narration is acceptable and allowed for this
question, no case or sections of law are
required to be mentioned, only provide
calculations , ignore Medicare Levy and
Medicare Levy Surcharge for this question).

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