.John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000. In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000. Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000. Ignoring any capital losses (of which Mary has none), what is the amount of any net capital gain made by Mary on the sale of her inherited house? $5,000 $15,000 $30,000 $165,000 $230,000
1.John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000.
In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000.
Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000.
Ignoring any capital losses (of which Mary has none), what is the amount of any net
$5,000
$15,000
$30,000
$165,000
$230,000
2. An infant beneficiary receives a distribution of income from a deceased estate, a testamentary trust and a family trust. Which of the following is correct:
The distribution from the deceased estate will be taxed the most
The distribution from the testamentary trust will be taxed the most
The distribution from the family trust will be taxed the most
The distributions from the deceased estate and from the testamentary trust will be taxed the most
The distributions under the deceased estate, the testamentary trust and the family trust will all be taxed the same
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