B Your client is an investor and she is not carrying on a business. On 3 June of the current tax year your client signed a contract to sell a block of vacant land for $320,000. She acquired this land in January 2001 for $100,000 and incurred $20,000 in local council, water and sewerage rates and land taxes during her period of ownership of the land. The contract of sale stipulates that a deposit of $20,000 is payable to her when the contract of sale is signed and the balance is payable on 3 January of the next tax year, when the change of ownership will be registered Required B: (10 marks) What amount, if any, is assessable? In your response give reasons and refer to sections of legislation and cases, where relevant Click or tap here to enter text