Question 4 (10 marks) The Armstrong Family Trust is a discretionary family trust with two resident beneficiaries, Mick and Gavin. During this income year of 2020, the activities of the trust gave rise to the following: $ Loss from rental property (7,000) Interest income from term deposits 11,000 Cash received from no frank dividends 17,000 A capital gain from the sale of CSL's shares that had been 52,000 held for three years The trustee of the trust resolved to distribute 100% of the trust income to Mick. Mick also has the following income and expenses for 2020: Net Salary of $180,000 (PAYG withholding tax instalments of $55,000 have been deducted). Work-related expenses of $43,000 Traffic Parking Infringement $220 Lottery winnings $1,000,000 Rental income 12,000 and legal fees $540 for pursuing the tenants through the Tribunal for Termination Notice due to non payment of rent. Mick has private hospital cover. Required: Calculate the taxable income for Mick for the income year. Show all your workings