Which of the following is most likely to constitute assessable income under s 6-5 ITAA 97?

Select one:

1. A payment received by an Australian Schoolboy Representative football player from a Sydney club for agreeing neither to sign up nor to play for any other club for the next two years. There is no agreement to actually play for that club.

2. A lump sum payment received by an inventor, for the sale to a large multi-national company of the world-wide patent on her latest invention.

3. Payments of $100 per tree received by tree farmers from a logging company for each tree that the logging company wishes to cut down and remove from their farm. The trees are grown for the purpose of sale.

4. Proceeds from the sale of bank premises by a bank after it decided to close the branch.

5. A payment from the Federal Government, received by a mining company, in compensation for the cancellation of a right to search for minerals in a particular area.