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In relation to CGT, is the following statement correct? Explain your answer citing the relevant law. Jennie gave her brother James a house that she

In relation to CGT, is the following statement correct? Explain your answer citing the relevant law.

Jennie gave her brother James a house that she owned in Springwood because he recently lost all of his assets in a weather disaster. Jennie has owned the house for 10 years and was previously renting it to tenants. If James sells the house sometime in the future, the house will be treated as a gift and no CGT will be payable.

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