AP 18-4 (Partnership Income Allocation) Saul and Samuel Jeon are brothers and CPAs with significant experience in income tax. Until 2023, they have worked separately. However, they have decided that working together would produce synergies that would increase their total income. Given this, as of January 1, 2023, they form the Jeon and Jeon Partnership. The partnership will use a calendar-based fiscal period (January 1 to December 31). Saul will be entitled to a salary of $72,000 per year, while Samuel's salary will be $48,000. In addi- tion, Samuel will receive interest at 6% on his average capital balance for the year. The salary and interest allocations were withdrawn by each of them prior to December 31, 2023. The components of their partnership agreement dealing with income allocation are as follows: Business Income After the allocation of priority amounts for salaries and interest on capital contributions, any remaining business income will be shared 60% to Saul and 40% to Samuel. Capital Gains As Samuel has contributed the majority of capital to the partnership, he will be entitled to all capital gains that are realized by the partnership. Dividends Any taxable dividends received by the partnership will be shared equally. For the fiscal period ending December 31, 2023, the financial statements prepared by their accountants using Accounting Standards for Private Enterprises (ASPE) show business income of $649.522. Other relevant information for 2023 is as follows: • Salaries to Saul and Samuel of $120,000 ($72,000+ $48,000) were deducted. Interest on Samuel's capital contribution of $4,800 was deducted. Business meals of $18,976 were deducted. • Amortization expense of $31,632 was deducted. . Charitable contributions of $4,520 were deducted. Other Information 1. The brothers intend to claim maximum CCA of $38,597 for 2023. 2. The partnership realized $16,164 in capital gains in 2023. 3. The partnership received $10,462 in eligible dividends in 2023. 4. The charitable contributions will be allocated equally between the two brothers. Required: A. Determine the amount of partnership income required to be included in the 2023 net income of each brother. B. Identify the amount of any federal income tax credits that each of the two brothers would be entitled to as a result of partnership allocations for 2023