A taxpayer sold the following items in the current year:

A block of land on 5 July for $218,000. He had purchased it for 115,000 on 9 January 2000.

Shares in ABC Pty Ltd on 1 August for $4,000. The shares had been purchased on 1 August 1998 for $5,000.

House used as his residence on 1 June 1999 for $600,000. He had bought the house on 1 June 1999 for $48,000.

State the CORRECT answer for the amount that the taxpayer must include in his assessable income:

Group of answer choices

$327,000

$50,500

$51,000

$51,500

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is 51000 Explanation ... View the full answer