On 1 July 2010 Mohan, (an adult Australian Resident) bought a rental property for $350,000. He incurred the following expenses in relation to this property: Legal Fees (incurred at purchase) $15,000 Stamp Duty $20,000 Agents Commission for selling the property $15,000 Legal Fees to defend his title over a portion of the garden $5,000 Required: (a) Calculate the COST BASE of the property (3 marks) (b) If Mohan sold the property on 30 June 2021 for $850,000, calculate his NET CAPITAL GAIN (3 marks) (c) Mohan wants to know how his Net Capital Gain will be taxed. Explain the tax consequences and refer to law. (2 marks) This question requires explanation of the legal principles involved as well as calculations. On 1 July 2019 Mary acquired a little boat for $13269. It was for her personal use. Mary borrowed $12,000 of the money from XYZ Bank. The loan was a fixed interest loan on which Mary paid interest of $2,000. Mary sold the boat in September 2019 for $18269. Required: Calculate Mary's Net Capital Gain or Loss for the 2020 tax year