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Amelia opened a convenience store in the 2020/21 income year. During the year, she purchased stock from various suppliers costing $400,000 and sold $300,000 worth

Amelia opened a convenience store in the 2020/21 income year. During the year, she purchased stock from various suppliers costing $400,000 and sold $300,000 worth of stock costing $240,000. Required Calculate her taxable income for the 2020/21 income year.

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