tempt=93603&cmid=246595&page=4 Question 4 Not yet answered Marked out of 0.75 P Flag question Adam Ledger is a current tax client of your firm. He recently acquired his first rental property and has derived the following income and expenditure for the current tax year: The property was acquired on 1 July 2019 for $450,000, plus stamp duty of $17.500 and legal fees of $2,500 Rental income was $1,200 per month paid in advance. Keith received 13 months rental in the current tax year. Council rates of $1,500 plus water rates of $850 were paid on the property Keith has a loan over the property and paid $12,000 on an interest only loan He had to pay for repairs to a leaky roof at a cost of $600 He also had to pay legal fees of $700 in relation to a dispute with the neighbours about the boundary of the property. The taxable income from the rental property for the 2019/2020 current income year is? Select one: (2.250) loss O (550) loss O $12,650 5650