Problem
Jessica also inherited a piece of vacant land from her father's estate in February. She sold the land in June for $1,800,000. Her father acquired the land in 1978 for $200,000 as an investment. The market value of the land at the time of her father's death was $1,700,000.
Jessica sold her parcel of 500 BHP shares for $36 / share. Jessica had purchased the BHP shares in April 2008 for $49 / share for investment purposes. Jessica paid brokerage fees of $20 on the sale and $20 on the purchase of those shares.
Jessica has no other income or deductions. Compute her taxable income for this income year showing full reasons and workings. You should cite all relevant legislative sections, case law and rulings (if any).