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Sale of vacant land on 28 May 2018 290,000 The land had been bought on 28 October 1984 at a cost of $95,000. Stamp duty
- Sale of vacant land on 28 May 2018 290,000
The land had been bought on 28 October 1984 at a cost of $95,000. Stamp duty of $2,358 was paid at purchase. Rates and taxes of $15000 were paid during ownership. He paid $10,000 to the agent for the sale of the land and $1299 in settlement fees, these were both paid on 28 May 2018. The land had been bought by Jimmy with the intention of building a factory for his business.
Question: Was there an intention for profit. If there is, will there be a CGT(Capital gain tax), since prior 1985, there is no CGT?
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