QUESTION ONE [in 30 June 2012, Kylie sold her investment aparbnent for $500,000. The apartment had been purchased on 1 March 2005 Jfor $350,000. At the time of acquiring the holiday apartment Kylie incurred $5,000 in stamp duty, $4,000 in valuation cosm. Do 1 July 2002 Kylie incurred costs of $15,000 in renovating the kitchen in the apartment. [in 1 February 2000, Kylie spent $40,000 adding a second bathroom to the apartment. A1 settlement she incurred legal expenses of $2,000 and real estate agents commission of $0,000 in relation to the sale. a) [in 1 January 2012r Kylie granted a $10,500 three month op1ion to purchase the property for $540,000 to a local property developer. The option lapsed on 31 March 2012'. Kylie retained the $10,500. Her solicitor charged her $500 legal fees to prepare the option contract. b} Do 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 Ell-IF for a total price of $45,000. She sold those shares on 20 May 201?r for $05,000. d} Kylie has a carrytorwartl capital loss of $20,000 from the sale of shares in the 2002- 2000 income year. She also has a carryfomrard capital loss of $5,000 from the sale of a coin collection from the 20102011 income year. Dming the 2010201?r income year Kylie earned $40,000 as a parttime school teacher but she made a loss of $20,000 from the operation of a gymnasium that she owns. The gymnasium has made a tartable prot in every one of the ten years Kylie has owned the gymnasium except the 20102012r income year. RE QUIRED Calculate Kylie's taxable income for the income year ending 30 June 2012'. You are not required to calculate the tart payable