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Required: Discuss whether the sale of the land generates ordinary income for
Karl due to laws relating to the accessibility of extraordinary/isolated
transactions. Do not discuss Capital Gains Tax. Where appropriate, support
your answer with legislative and case authority.
Please refer to all of the relevant sections of the legislation, cases and
any other scholarly material when providing advice to Cindy. Advise
Cindy on:
Any Capital Gains Tax liabilities for her in relation to her
activities.
Specifically, make sure that your discussion includes advice on
whether Cindy can take advantage of the CGT small business
concessions to reduce the amount of tax payable.
Also ensure that you calculate Cindy’s Net Capital Gain for
the current financial year.
