On 6 November 1985, Patricia bought a property in South Yarra. This property included two old tennis courts next to the house, which were in poor condition. She purchased the property for two reasons: So that she and her family could live in the house; and So that she could build two apartments on the land where the tennis courts were, and sell them at a profit.

After Patricia purchased the property, the tennis club next door to her property in South Yarra offered to buy the old tennis courts from her, but only if Patricia restored them to good condition. Patricia accepted the clubs offer rather than going ahead with her plan to build and sell the apartments.

Patricia spent $80,000 on preparing the tennis courts for sale. This involved a great deal of work. She had to resurface the tennis courts, and build a new fence between her house and the tennis courts. She then sold the tennis courts to the tennis club in the current tax year for $200,000.

Required: Please discuss whether Patricia would be assessable on the $200,000. Where appropriate, refer to case law and legislation in your answer 20 marks

Subject is Tax law, we don't find the tax law in your subject list