Part B Rachel is your client and has come to you to prepare her tax return. During the 2019-20 financial year, she has disposed of the following assets: (a) Rachel purchased a yacht in May 2017 from an auction warehouse for $25,000. Rachel has spent $35,000 on improvements to the yacht. In June 2020 Rachel sells the yacht for $45,000. (b) Rachel purchased a vacant block of land in May 1991 for $250,000. in April 1998 Rachel subdivides the vacant block of land into two equal portions, both portions are valued at $200,000 each. In May 2020 Rachel sells one of the vacant blocks of land for $300,000 (c) Rachel acquired block of land for $80,000 on the 10th October 1978. On the 20th June 1990 Rachel builds a house on the same block of land for $550,000. In 10th May 2020 Rachel sales the house and the land for $850,000. During the period 20th June 1990 and 10th May 2020 the property was rented to an unrelated party REQUIRED: Calculate Rachel's Capital Gain, subject to Tax for the year ending 30 June 2020. Provide justification for your calculations using legislation and case law