0. Mrs Jones is the owner of a large racehorse stud and horse training business. She employs eight staff and holds a training licence. Mrs Jones involvement in the racing business is her full-time occupation and she attends as many race meetings as possible (over one per week). Mrs Jones is also a very keen punter, betting on both her own and other horses, and during the last year she had several very big wins which netted her $120,000 in winnings for the year.

   Discuss whether the receipt of $120,000 is ordinary income under s 6-5.