Explain, citing sections, whether or not the following expenses can be incurred in the cost base for each of the following situations. Note that all assets are post CGT (1 mark each).
I. The cost of repairing a damaged drainpipe caused by a storm to the taxpayer's rental property.
II. Expenses paid to the auctioneer on the sale of the taxpayer's property.
III. Land tax expenses on a property that was purchased in 2011 and sold for a loss in 2017.
IV. An apartment gifted (for no consideration) to the taxpayer. The apartment was valued at $400 000 at the time of transfer. It was later sold at a profit.