Baldrick bought an investment property on 1 July 2018 for $2,000,000. He rented out his property from 1 July 2018. He borrowed $1,800,000 on the same day from the bank to buy the property. The term of the loan was 8 years. The building was originally constructed in 2001 at a cost of $900,000. He received rent in cash from his tenants during the year ended 30 June 2019 in the amount of $93,000. Included in this amount was a payment of $9,000 on 30 June 2019 as rent for the month of July 2019. Baldrick incurred the following expenses during the year ended 30 June 2019 in relation to the property: State Government Land Tax $22,500 Loan Repayments ($52,000 principal and $130,000 interest) $182,000 Real Estate Agents fee to evict a tenant for non-payment of rent $2,300 The front window was badly damaged at the time of acquisition and replaced on 4 July 2018 $2,800 A new refrigerator was purchased on 1 March 2019 $3,800 Loan application fee (paid on 1 July 2018) $2,000 Legal costs for the loan to buy the property (paid on 1 July 2018) $2,600 Legal costs for buying the property (paid on 1 July 2018) $4,600 Stamp duty on the purchase of the property (paid on 1 July 2018) $95,000 Baldrick wants to minimise his taxable income for this year. Assume all depreciating assets, if any, have an effective life of 6 years. He does not wish to use the SBE election. Required: Advise Baldrick as to what his taxable income or loss is for the year ended 30 June 2019. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculations.