QUESTION ONE 011 30 June 201?, Kylie sold her inveshuent apartment for $530,000. The aparhuent had been purchased on 1 March 2005 for $300, 000. At the time of acquiring the holiday apartment Kylie incurred $5, 000' 1n stamp duty, $4, 000' m valuation costs. On 1 July 2002 Kylie incurred costs of $15 000' In renovating the kitchen' 1n the apthIlent. 0n 1 February 2009, Kylie spent $40,000 adding a second bathroom tn the apartment. At settlement she incurred legal expenses of $2,000 and real estate agent's commission of $8,000 in relation to the sale. a) [in 1 January 201?' Kylie granted a $10,500 three month option to purchase the property for $540,000 to a local property developer. The option lapsed on 31 March 201?. Kylie retained the $10,500. Her solicitor charged her $500 legal fees to prepare the option contract. b] On 25 May 2012 Kylie sold a stamp collection for $25,000. She had purchased the stamp collection for $22,000 in 2001. c) On 10 September 2010 Kylie purchased shares in Bl[P for a total price of $45,000. She sold those shares on 23 May 2012101 $05,000. d] Kylie has a carryforward capital loss of $20,000 from the sale of shares in the 2002 2003 income year. She also has a carrytorward capital loss of $5,000 from the sale of a coin collection from the 20 1020 11 income year. Dming the 20152012 income year Kylie earned $40,000 as a part-time school teacher but she made a loss of $20,000 from the operation of a gymnasium that she owns. The gymnasium has made a taxable prot in every one of the ten years Kylie has owned the gymnasium except the 201520 1? income year. REQUIRED Calculate Kylie's taxable income for the income year ending 30 June 201?. You are not required to calculate the tax payable. {20 marks)