Your client Jack and Dustin at J 3; D Partners have attended your ofce to have their 2922year tax return prepared. Jack and Dustin are equal partners in J S; D Partners partnership. Both have contributed equal amounts of capital {559.999 each}. Jack is a silent partner while Dustin spends most of the time working in the partnership business- In addition to the annual salary to Dustin. the partnership agreement provides the following: a Jack and Dustin will each receive interest at the rate of 15% per annurn on their capital contn'bution. - Dustin will receive a salary of $35,999 per annurn for the management of the business. and $4.999 per annum will be paid by the business into a superannuation fund for Jack. a All residual prots and losses will be shared equally between the Jack and Dustin. The bookkeeper has provided the following information in relation to the partnership for the 292922 tax year: Sales $599,999 Interest on capital constitutions Jack and Dustin 515.999 Cost of Sales $299,999 Dustin's Salary 535.999 Jack's superannuation $4.999 Lease of car $9.999 Dther operating expenses 559.999 Capitalgain $129,999 lDther lnfomtaon 1} Capital gain on land: the land was purchased 5 years ago for $99,999 and sold for 5299999 2} A car was leased for the business and this car has been used solely by Dustin, who has used the car 59% for business and 19% for private use. Required Advise Jack and Dustin what is the ITAAEE s59 net income of the partnership and each partner's taxable income for 2922. You must provide all workings [details] to determine the partnership net income as well as individual partner's assessable income