Pierre has operated his market garden business in Queensland for the last the last 25...
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Pierre has operated his market garden business in Queensland for the last the last 25 years. During recent flooding his total crop was destroyed along with most of his buildings, irrigation equipment and fencing. As a result of this flood Pierre received a payment from the Government of $300,000 to purchase new green houses for raising seedlings so he can get back into business more quickly. He also received a payment from the Government of $50,000 to dispose of damaged crops.
Discuss whether the receipt is ordinary or statutory income.
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