b. Discuss the major principles that have emerged from case law in determining whether a taxpayer is carrying on a business for income tax purposes. Also explain the operation of ITAA97 Div 35 and how it impacts on taxpayers conducting a business. b. Discuss the major principles that have emerged from case law in determining whether a taxpayer is carrying on a business for income tax purposes. Also explain the operation of ITAA97 Div 35 and how it impacts on taxpayers conducting a business