Required: Discuss the assessability of each of these receipts (4 marks): Nick is a well-known author who is in the business of being an author and for a number of years writes books full-time and earns a substantial income from this. He earns the following amounts in the current tax year: A lump sum for a new book he finished in early 2021: $300,000. The agreement with the publisher was for this lump sum payment rather than Nick being paid for sales per book. Sales of his gold pen that he used to write the manuscript of his first novel: $20,000. As Nick was famous there were lots of people wanting to buy the famous pen he used for his first novel.