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THIS IS A QUESTION REQUIRING AN ESSAY STYLE ANSWER. On 1 July 2002…THIS IS A QUESTION REQUIRING AN ESSAY STYLE ANSWER.On 1 July 2002 Marcus, (an adult Australian Resident) bought a property for $350,000. He used it as a rental property and collected rent throughout the ownership periodHe incurred the following expenses in relation to this property:  Legal Fees  (incurred at purchase)                                           $8,000 Stamp Duty (incurred at purchase)                                          $18,000 Council Rates and Taxes                                                           $30,000Agents Commission for selling the property                             $15,000 Legal Fees to defend his title over a portion of the garden       $10,000 He sold the property on 30 June 2021 for $800,000 Required: (a) Calculate the COST BASE of the property (4 marks) (b) Calculate his NET ASSESSABLE CAPITAL GAIN (4 marks) (c) Bharat wants to know how his Net Capital Gain will be taxed. Explain the tax consequences and refer to law. (2 marks)This question requires explanation of the legal principles involved as well as calculations. LawSocial ScienceTax law BUSINESS ACC301

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