Elizabeth owns and operates a furniture store where she buys new and used furniture to on-sell to the public. On 1 August of the current tax year she purchased an ornate display cabinet for $10,000 as an item of trading stock. She put the cabinet in her showroom and it had a sale price of $14,900. However, she liked the item so much that she decided to use it for personal purposes from 1 October of the current tax year when the replacement price was $12,600. What are the tax consequences of using the item for personal use?
A) Elizabeth will include $12,600 in her assessable income.
B) Elizabeth will include $2,600 in her assessable income.
C) Elizabeth will include $4,900 in her assessable income.
D) Elizabeth will include $10,000 in her assessable income.
E) Elizabeth will include $14,900 in her assessable income.