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What the taxable income that arises for kelly from the sale

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Problem 1: Kelly purchased a block of land in January 2012 for $150,000. She sells the land in August 2019 for $1,000,000. Although some of the increase in land value is a result of capital gain, Council valuations issued for each year suggest that at least 20% of the increase in value arises from zoning changes made to the district plan in 2018. The Taxable Income that arises for Kelly from the sale of the land is:

Select one:

a. $475,000
b. $170,000
c. $325,000
d. $850,000

Reference no: EM132728649

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