tax law

Peter is in business as a fisherman. He incurs the following expenses during the 2020 tax year: New fishing boat - $300,000 Repair of Fishing Nets - $1,500 Wages to his worker - $100,000 Cleaning the boat and his equipment - $5,000 Fishing license renewal - $1,000 Legal fees incurred to defend himself in court after he was falsely accused of exceeding fishing quotas - $4,000 Required: What is the total amount of expenses Peter can deduct under the Income Tax Assessment Act 1997? (Ignore Depreciation for this question) Select one: $411,500 O $107,500 $102,500 O O $111,500