Alex is a builder by trade. He enjoys his job and has many close friends within the industry that often provide favours for him. He works very hard and feels like he never gets to enjoy his life, so he wants to buy his dream car. However, the problem was he did not have enough funds. Alex acknowledged the perks of being in the building industry and recently began to buy, repair and sell houses. Alex religiously searched for houses that were lowly priced, with the intention of utilising his skillset and connections to bring the house up to a standard much higher than its original purchase price. Since 2014, he has bought and sold 3 properties within three years. The first house he made a gain of $20,000, the second he made a gain of $35,000 but unfortunately on the most recent property he made a loss of $12,000.

Based on the facts above, which of the following statements is true?

Because Alex is a builder and not a property developer, the receipts are considered as a mere realisation.

The receipts from Alex's three properties are not a part of his assessable income because it is not a part of his ordinary income, arising from his ordinary activities.

The receipt from the sale of the first property is a mere realisation and the receipt from the sale of the second property is ordinary income.

The sales receipts of the three properties constitute ordinary income as they fall under the Myer Emporium principle.

No profit-making intention as Alex was passionate about his job as a builder and found it's rewarding fixing houses to a good standard.