During the 2021 year of income, Peter King sold 2 motor vehicles. The first was sold on 1st May 2021 for $50,000 on a vehicle he had acquired 3 months before as scrap for $10,000, and which he spent a further $15,000 in repairs at a garage to put it to saleable value. He spent an additional $1,000 in advertising the vehicle for sale in a daily newspaper and made a profit on the sale of the vehicle thereof of $24,000. Later in the year on 1st November 2021, he sold his Toyota Corolla which he owned for 5 years at the market value of $75,000. He had put a “For Sale” sign on his bumper with his phone number and had subsequently attracted the eventual buyer. The proceeds of the sale were used to pay down a deposit on a new BMW he bought in January 2022 which he intends to keep for a minimum of 4 years. 

Required: 

Discuss whether he may be at risk on any of the transactions on the sale of a motor vehicle to have earned profits?