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Capital Gains Tax Australia Question Tax Year 20/21 * Inherited vacant land, originally purchase 5 July 1986 for $280,000 * Market value at deceased death

Capital Gains Tax Australia Question

Tax Year 20/21

* Inherited vacant land, originally purchase 5 July 1986 for $280,000

* Market value at deceased death date - $460,000

* Vacant land sold < 3months after death date by person who inherited.

* sale price $470,000

* legal fees and sales commission $2,080

What is the net capital gain please? Can you also show workings. Thank you!!

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