Mr. Khan inherited $500,000 in cash and collectibles, and his ancestors died in November 2003. Collectible items were purchased by ancestors prior to September 1985 at a cost of $20,000.

And these collections were worth $100,000 at the time of his death.

From the inherited amount, Mr. Khan bought some shares of BHP for $50,000. And in 2003 he bought a house in Burwood for $400,000, the same date he bought a painting for $20,000.

The painting was stolen in the current year and the painting was not insured. Sold shares in BHP (2000 shares @ $50, commission $1/share)

In 2015, Mr. khan sold his property in Burwood for $700,000 and started living with his family. Mr. khan lived on the Burwood property before he moved into his parents' house.

In 2015, he sold his ancestral diamond ring for 100 thousand dollars. This item was purchased in the ^{18th century for $50,000.} The market value of this diamond at the time of death was $20,000.

CALCULATE MR. KHAN'S CAPITAL GAINS TAX. (Australian tax law)