The assignment is divided into two parts: a) Components of Assessable Income and b) Taxable Income Calculation. Part a) discusses the related aspects of Lincoln's assessable income, including sales, proceeds from loan, lottery win, incentive to display, and dividend. It also explores the components of deductible expenses such as gross wages paid, raw materials, rent on premises, and interest expenses. Part b) calculates taxable income by subtracting total deductions from total assessable income. The assignment provides a detailed analysis of taxation law and assessable income, making it a valuable resource for students studying tax-related topics.