A taxpayer sold the following items in the current year: A block of land on 5 December for $118,000. He had purchased it for 115,000 on 9 July of the current year. Rental Property on 10 July for $350,000. He had purchased it for $200,000 on 1 June 2017 and incurred expenses on the purchase and sale of $50,000. In addition, he had borrowed money to buy the property and incurred borrowing expenses of $600 in respect of the loan. Shares in ABC Pty Ltd on 1 August for $4,000. The shares had been purchased on 10 August of the previous year for $5,000. House used as his residence on 1 June 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

$102,000

$51,000

$52,000

$51,500