The ability to: Analyse and employ tax regulations and principles of taxation to compose arguments and solutions to a circumstance installed quantity CASE STUDY 1 [20 Marks] Smith and Jones bear been implicated in gear outgrowth for manifold years. Eight years ago Smith and Jones purchased two properties in an area where there was liberal actual eparticularize outgrowth. For six years the properties were used for sheep grazing and the properties were improved for that resolve. Owing to aridity provisions, the sheep grazing proved to be bootless. Furthermore there was an impachievement zoning vary whereby the properties could singly be expert of in 20-hectare lots instead of 5-hectare lots. Smith and Jones hence undeviatingly arranged to subdivide the plant up into 5-hectare blocks and sold the healthy gear to one purchaser. At the 30th of June the quantity is quiet unpaid. The Commissioner assessed Smith and Jones on the animal profits in s 6-5 of ITAA 1997. Required: Discuss whether the sale of the gear should be assessable lower s 6-5 of the ITAA 1997 and what quantitys are to be middle in the year achievement 30.06.2016. In your response secure you particularize the misapply comp, tax rulings or dishonorable law cases to help your acceptance.