Question 2.

Are the following receipts ordinary income assessable under Sec 6-5(1) Provide reference to the law.

a.A receipt cannot be assessable income if paid by a third party?

b.Mr Black of Black Solicitors received $50,000 from Mrs Jones in gratitude for Mr Black looking after her affairs for the past 25 years.

c.Sign on fee of $40,000 for changing football clubs is of a capital nature and not assessable as ordinary income.