Question: Answer is wrong please ignore it, please explain how to get the right answer. Gareth owns a rental house which he bought on 25 September

 Answer is wrong please ignore it, please explain how to get

Answer is wrong please ignore it, please explain how to get the right answer.

Gareth owns a rental house which he bought on 25 September 2000 for $175,000. The house had been constructed in January 1996 and he has obtained Division 43 deductions amounting to $42,719. He paid stamp duty of $8,425 at purchase. Initial repairs soon after he purchased the house at a cost of $3,100. Rates and taxes cost him a total of $15,300. Interest on the loan cost him $56,000. As a result of normal wear and tear he had to replace a section of floorboards on 19 June 2005 at a cost of $1,500. He sold the house on 30 June CY for $250,000. The amount Gareth has to include in his assessable income is: 552347 $53097 $31738 $53897

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