Question 3 30 marks Molly is a tutor in fine arts at a local college. She also owns her own business selling antiques but in the previous few years the business had been making a loss so she has decided to sell all her assets and move to Europe to study art history. + The assets sold by Molly are as follows: Sale of vacant land on 28 May 2018 The land had been bought on 28 October 2009 at a cost of $95,000. Stamp duty of $2,358 was paid at purchase. Rates and taxes of $15000 were paid during ownership. She paid $10,000 to the agent for the sale of the land and S1299 in settlement fees, these were both paid on 28 May 2018 190,000+ Sale of shares in public company on 23 September 2017 55,000 The shares had been bought on 3 March 2017 for $48,000 Brokerage on purchase and sale was 196 payable at the time of the transaction. Sale of holiday house on 12 August 2017 The house had been purchased on 22 November 2012 for $290,000. She had paid interest during her period of ownership which totalled $40,000. Stamp Duty of $6,320 had been paid at purchase. At purchase she arranged to have a new kitchen fitted at a cost of $23,000. This was paid on 15 January 2014. During the period of ownership she had a dispute with her neighbour over the boundary of the property and on 1 March 2013 she paid her lawyer $2,500 for resolving the dispute.* 300,000 Sale of business to her competitor on 31 December 2017 the sale price was $265,000 which consisted of $156,000 for stock and the balance goodwill. Molly had originally purchased the business herself on 10 January 2000 and had paid $10,000 for the goodwill of the business back then. The costs associated with the sale consisted of settlement fees of $900 paid on 30 December 2017 and legal fees on the contract of sale $2500 which were paid on 1 December 2017