$650,000$ During the $30$ June $2023$ financial year Kim sold a vacant block of land, the

contract was dated $25$th June $2023$ and the property settled on the $28$th July $2023.$

Kim originally brought the block of land in July $2022$ for $$650,000,$ in December

$2022$ she subdivided the block of land into two lots. At the time of subdivision

each lot had a market value of $$350,000.$

Kim only sold one of the blocks for $$650,000$ on the $25$th June $2023$ and she still owns the other blocks.

Is this income is assesable income $?$ Calculate the tax and provide the provisions of ITAA $1997$ act.