SPOO i Susan's Under dette "Jun 22 and 138000012 new MA Sama vyota ther and the Honda 2030 Explow you would be in the deduction that would be slowed for the wonding Yemyer You of the pred wow your het einde hand the secondo testet DELL * N Suman was a resident of Australia and gained a number of assets over the 40 year since his graduation. These were: a. On 1 September 1985 he bought his home at Strathfield for $250,000 and lived there with his wife and children until he sold it on 14 June 2021 for $3,200,000. He had spent $650,000 to renovate and extend his home. Living next door to Suman is a difficult neighbour who pursued Suman through the court of law for an illegal driveway that Suman had erected without the Council's approval. To this end the neighbour had a good day in court and was awarded legal costs to the tune of $27,000 against Suman b. On 14 March 2004, Suman had bought a vacant block of land for $190,000 and since that date, he has paid rates and taxes totaling $70,000 on the block of land up to 30th June 2021. His incidental costs in buying and selling the land amount to $69,000. On 11 June 2021, Suman sold the vacant block of land for $1,250,000 C. On the 16 July 2012, he had some spare money in his bank account which he used to buy 1,000 BHP shares for $26 per share. He sold them all on the 30th May 2021 for $39.82 per share. Suman is not normally a long term share investor because he enjoys generating his primary earnings from his daily share trading and he is very good at it, d. Suman's Uncle died on the 14 Jan 2021 and left Suman a bequest of 3| Page d. Suman's Uncle died on the 14 Jan 2021 and left Suman a bequest of 31Page $280,000 which he received on the 31 March 2021 He then invested the entire inheritance on a rare vintage Ferrari on 31 May 2021. A friend of Suman made a very attractive offer to buy the Ferrari for $350,000. Suman was unable to resist this offer and subsequently sold the Ferrari to his friend on 6 June 2020. Explain how you would calculate Suman's Income and the amount of all deductions that would be allowed for the year ending 30 June 2021. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts given in this question and provide YOUR OWN analysis of the issues. (Google the question and copy the material from the internet is a serious academic misconduct and will result in 0 grade). Calculations must be included where relevant. SPOO i Susan's Under dette "Jun 22 and 138000012 new MA Sama vyota ther and the Honda 2030 Explow you would be in the deduction that would be slowed for the wonding Yemyer You of the pred wow your het einde hand the secondo testet DELL * N Suman was a resident of Australia and gained a number of assets over the 40 year since his graduation. These were: a. On 1 September 1985 he bought his home at Strathfield for $250,000 and lived there with his wife and children until he sold it on 14 June 2021 for $3,200,000. He had spent $650,000 to renovate and extend his home. Living next door to Suman is a difficult neighbour who pursued Suman through the court of law for an illegal driveway that Suman had erected without the Council's approval. To this end the neighbour had a good day in court and was awarded legal costs to the tune of $27,000 against Suman b. On 14 March 2004, Suman had bought a vacant block of land for $190,000 and since that date, he has paid rates and taxes totaling $70,000 on the block of land up to 30th June 2021. His incidental costs in buying and selling the land amount to $69,000. On 11 June 2021, Suman sold the vacant block of land for $1,250,000 C. On the 16 July 2012, he had some spare money in his bank account which he used to buy 1,000 BHP shares for $26 per share. He sold them all on the 30th May 2021 for $39.82 per share. Suman is not normally a long term share investor because he enjoys generating his primary earnings from his daily share trading and he is very good at it, d. Suman's Uncle died on the 14 Jan 2021 and left Suman a bequest of 3| Page d. Suman's Uncle died on the 14 Jan 2021 and left Suman a bequest of 31Page $280,000 which he received on the 31 March 2021 He then invested the entire inheritance on a rare vintage Ferrari on 31 May 2021. A friend of Suman made a very attractive offer to buy the Ferrari for $350,000. Suman was unable to resist this offer and subsequently sold the Ferrari to his friend on 6 June 2020. Explain how you would calculate Suman's Income and the amount of all deductions that would be allowed for the year ending 30 June 2021. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts given in this question and provide YOUR OWN analysis of the issues. (Google the question and copy the material from the internet is a serious academic misconduct and will result in 0 grade). Calculations must be included where relevant