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QUESTION
A taxpayer sells jewellry for $10,000. In order to determine how income tax law will apply to the $10,000, you need further information. Explain.
1. A taxpayer sells jewellry for $10,000. In order to determine how income tax law will apply to the $10,000, you need further information. Explain. Support your explanation with the discussion of 1 relevant case and 2 relevant sections of legislation.
