Monica is a book editor and she is employed at a major legal publishing house. In her spare time she writes short stories. Monica has never submitted any of her work for publication, as she writes for her own pleasure. One day Monica notices that there is a national short story competition with a first prize of $50,000. She decides to enter the competition and on the same day, feeling lucky, she buys a lottery ticket.

Monica wins $10,000 second prize in the lottery and she wins the short story competition.

Required:

Discuss the assessability of these receipts. (15 marks)