In relation to the partnership for the current income tax year ended 30 June, which of the following statements is most correct?
1) Garry will include $75,000 in his assessable income in accordance with section 92 of the Income Tax Assessment Act 1936.
2) George will include $65,000 in his assessable income in accordance with section 92 of the Income Tax Assessment Act 1936.
3) The interest of $3,000 is not an allowable deduction of the partnership in accordance with the case of FCT v Carberry 88 ATC 5005.
