Calculation of the net income of a partnership and preparation of the distribution statement for… 1 answer below »

PART A: Written letter of advice.

Alex while talking to a friend (Oliver) at a networking event is informed about a topic called “The

evolving tax treatment of cryptocurrencies”. Tax ramifications were discussed so Alex is seeking

your advice. In your own words, explain the tax treatment of “cryptocurrencies” to Alex and the

potential impact if he has a small portfolio of cryptocurrencies. (500 words limit)

PART B: Calculation of the net income of a partnership and preparation of the distribution

statement for each of the partners

Pitt partners opened a consulting business on 1 July 2018. The accounting profits and losses are

to be shared equally. The following transactions were recorded in the partnership’s cashbook in the

year ended 30 June 2019.

Attachments:

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