Colin bought a commercial block of land in July 1984 for $100,000. In 2001 he constructed a machinery shed at a cost of $50,000. In the current year he sold the property for a single lump sum of $1m.

Asset Purchase price $ individual market value at sale date $ Land 100,000 700,000 Shed 50,000 300,000 total 150,000 1,000,000 Since a post-CGT structure on pre-CGT land are separate CGT assets, what is the capital proceeds attributable to the shed ? Group of answer choices

$300,000

$500,000

$428,571

$333,333