Dave Solomon is 59 years of age and is planning for his retirement. Dave is a barrister at a leading law firm. His gross salary for the 20192020 income year totals $345,000. He has decided to sell the majority of his assets as detailed below: A two-storey residence at St Lucia, described in PoTL 2020 end of chapter question 11.6 (a) A painting, described in PoTL 2020 end of chapter question 11.6 (b) A luxury motor cruiser, described in PoTL 2020 end of chapter question 11.6 (c) A parcel of shares, described in PoTL 2020 end of chapter question 11.6 (d). The turnover of the mining company totalled $87 million in the current income year. Dave received an interim fully franked dividend of $4,590. A unit in a unit complex that he holds as a residential rental property investment. Dave purchased the unit off plan on 1 January 2012 for $350,000. The unit was tenanted from that day. On 1 August 2019, Dave replaced the stove in the unit with a new one that cost him $1,800. He uses the diminishing value method for income tax purposes, and applies the effective life of assets in the ATO 2019 Rental properties Guide for rental property owners. Dave sold the unit on 29 February 2020 for $450,000, and applies an apportionment of 0.2% on the sale of depreciating assets as set out in the ATO 2019 Rental properties Guide for rental property owners. During the 20192020 income year, Dave received rent totalling $16,800. You are required to: Calculate Daves taxable income for the 20192020 income year. Show all your calculations and provide reasons for your answer, referencing relevant sections of the Income Tax Assessment Acts.