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Question - In January 2005, Tom Widdup purchased a 26 hectare farmlet for $2,600,000 thinking that he might retire from his architect's practice and develop the property as a stud farm. Due to a downturn in his professional income, Widdup decided in March 2018 to sell three hectares of the land by subdividing the land and erecting six farm cottages. At the time the land had a value of $5,200,000.
The construction of the cottages commenced in October 2018 and was completed in March 2019 at a cost of $380,000 each. Three cottages were sold for $700,000 each in March 2019. Another two were sold in May 2019 but the proceeds of these last two sales had not been received by 30 June 2019.
Required - Advise Tom Widdup of the tax consequences of the transactions. Show all calculations and cite relevant legislation to support your answer.
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