2. In 1979, a doctor who lived and worked in Sydney purchased a 20-acre parcel of rural land on the outskirts of the city for $100,000. Over the years, he used the property as a 'hobby farm' for growing fruit trees and as a 'weekend retreat for relaxation. Recently, the surrounding area has become more developed and the property has increased in value. The doctor has also recently run into financial difficulties as a result of a malpractice suit and he is considering selling the property Advise him as to whether he would be required to include any amount in his assessable income as a result of the sale. Would your answer be different if the doctor had originally purchased the property with the intention of selling it at a profit when land prices had risen sufficiently? Please make sure you state the rules and refer to relevant sections of the legislation, cases and/or tax rulings to support your answer. 2. In 1979, a doctor who lived and worked in Sydney purchased a 20-acre parcel of rural land on the outskirts of the city for $100,000. Over the years, he used the property as a 'hobby farm' for growing fruit trees and as a 'weekend retreat for relaxation. Recently, the surrounding area has become more developed and the property has increased in value. The doctor has also recently run into financial difficulties as a result of a malpractice suit and he is considering selling the property Advise him as to whether he would be required to include any amount in his assessable income as a result of the sale. Would your answer be different if the doctor had originally purchased the property with the intention of selling it at a profit when land prices had risen sufficiently? Please make sure you state the rules and refer to relevant sections of the legislation, cases and/or tax rulings to support your