Jack WilamS is a Residemt for Taxatdoon HUIDORC. hie purchaseda house for ADvesment nUr Blacktsuem on 1 Jamuary 2005 for $980,000. Stamp Duty of $55,000 8nd $1,500 far Solicitor's fee. O15 July 2017, he sold tne investnene property for the amount of $2,000,00 0, inaurring a cost of $5,000 for Solicitor's fee and $36,000 in Resl estate agent's He also ncurTed interest on the amount bonowed to purchase the property for $400,000 and also counci rates of $20,000 1What a te Cost Pane of ts assets? 2 Calculane fhe Cayita rLossr this asset 3 Ascume jack f/ mEemtal acyang ol Z5,000 and capital loSs ef $3,500 (firom the shares that he- r2017/2018also earn income of Selary for $120,000, S alcalate his asessable incam Jack Williams is a Resident for Taxation purpose, he purchased a house for investment near Blacktown on 1 January 2005 for $980,000. Stamp Duty of $55,000 and $1,500 for Solicitor's fee. On 15 July 2017, he sold the investment property for the amount of $2,000,000 incurring a cost of $5,000 for Solicitor's fee and $36,000 in Real estate agent's commission. He also incurred interest on the amount borrowed to purchase the property for $400,000 and also council rates of $20,000 1.What are the Cost Base of this assets? 2. Calculate the Capital Gain or Loss for this asset 3. Assume Jack for the year 2017/2018 also earn income of Salary for $120,000, net rental income of $15,000 and capital loss of $3,500 (from the shares that he purchased in 2005). Calculate his assessable income