James, Stephen, and Anthony are all Australian tax residents. They formulated a partnership to conduct restaurant businesses and agreed to share profits and losses equally.

For the $2023/2024$ tax year, James worked as the head chef and received $$50,000$ salary. Stephen worked as the general manager and received $$65,000$ salary. Anthony did not receive salary as he is not involved in daily business management.

When starting the business, both Stephen and Anthony contributed the start$-$up capital. Both of them was paid $$20,000$ each as the interest on initial capital investment.

During the year, the business purchased a baking equipment for $$10,000$ using the loans from James $($$$6,000)$ and Stephen $($$$4,000).$ It was agreed each of them will received $10\%$ interests on the loans.

After taking into the above payments, the partnership was left with an excess of $$47,000,$ which included a fully franked cash dividend of $$7,000,$ but did not include the associated franking credit.

PAYG totalling $$17,500$ was withheld by the partnership on behalf of James $($$$8,000)$ and Stephen $($$$9,500)$

Additional Information for each partner for the $2023/2024$ tax year:

James is $31$ years old, has private health insurance and no dependants. His other income consisted of $$5,000$ interest from a saving account, which the bank had withheld $$1,400$ in tax. He also had a net capital loss of $$11,000$ due to selling shares in a declining market.

Stephen is $27$ years old, has private health insurance and no dependants. His other income consisted of $$12,000$ in fully franked dividends. He has paid $$8,000$ interest on the loans he obtained to purchase the shares.

Anthony is $72$ years old, has private health insurance and no dependants. He received $$35,000$ from an investment property, and an annual pension from his complying superannuation fund of $$45,000.$

During the year, general expense of $$6,000$ was paid to manage and maintain the investment property.

Required:

For the $2023/2024$ tax year,

$1)$ Calculate the distribution to each partner.

$2)$ Calculate the taxable income for James, Stephen and Anthony respectively