Sarah, Nick and Tracy are Australian residents for tax purposes who run an IT business in partnership. The partners share the business profit and losses according to the following rates: Sarah 30%, Nick 30% and Tracy 40%. As active partners, Sarah and Nick received $43,000 of salary each from the partnership for the tax year ending 30 June 2022. Tracy, as a silent partner, does not have a fixed salary. However, to start the business both Nick and Tracy provided the start-up capital and, thus, they are paid $17,000 each as interest on initial capital investment. After the distribution of the above partnership income, the partnership was left with an additional profit of $55,000 in its account, which included a fully franked cash dividend of $9,500 from an investment in a company with 30% tax rate but did not include the associated franking credit. Additional Information for the 2021-22 tax year: Sarah is 33 years old, single with no dependents and does not have a private health insurance for the current tax year. She also had a net capital gain of $13,000 due to selling shares and received rental income of $18,000 from her rental apartment. Nick is 27 years old, has private health insurance with no dependents. Nick received $7,800 interest from his saving bank account and $13,500 in fully franked dividends. Tracy is 72 years old, has private health insurance and no dependents. She has an investment property income of $23,500 from a rental shop and an annual pension from a complying private superannuation fund of $53,000. During the year she paid $6,500 in general expenses to manage and maintain the rental shop. Required: For the 2021/2022 tax year, 1. Calculate the partnership net income (4 marks) 2. Calculate the distribution to each partner. (8 Marks) 3. Calculate the taxable income for Sarah, Nick and Tracy respectively