Steve and his cousin Alex started an equal partnership business, Euca Sanitizers, motivated by the increase in the recent demand for hand sanitizers during the COVID-19 pandemic. Steve lives in Sydney and is an Australian resident for tax purposes. Alex however, is resident of New Zealand and is a foreign resident for tax purposes in Australia. On 30 June 2020, Euca Sanitizers partnership net income is $300,000, 60% of this income is generated from selling hand sanitizers to Australian retailers and 40% comes outside Australia from sale of hand sanitizers to New Zealand retailers. Required: With reference to relevant provisions of ITAA 97/ITAA 36, discuss how the partnership income is taxed

Alice is a limited partner in Axel Partnership. Her share of the partnership's current ordinary business income was $100,000. She received a $60,000 cash distribution from the partnership on December 1. Alice qualifies for the QBI deduction, without regard to the wage or taxable income limitations. Assuming that Alice's marginal tax rate is 37%, calculate her after-tax cash flow from the partnership this year. Hint: the correct answer should be $30,400

Niles and Marsha adopted an infant boy (a US. citizen). They paid $19,250 in 2017 for adoption-related expenses. The adoption was finalized in early 2018. Marsha received $3,950 of employer-provided adoption benefits. For question (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. a. What amount of adoption credit, if any, can Niles and Marsha take in 2018? b. Using the information in question (a), assume that their modified AGI was $242,000 in 2018. What amount of adoption credit is allowed in 2018? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) a. Amount of adoption credit b. Amount of adoption credit

Haresh