1 July 2007: Troy purchased a Melbourne house for $300,000 and occupied it with his...
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Accounting
1 July 2007: Troy purchased a Melbourne house for $300,000 and occupied it with his family.
1 July 2011: Troy was relocated to Sydney and he purchased and occupied a house there as his main residence. The Melbourne house was leased to tenants.
30 June 2017: He sold the Melbourne house for $500,000.
What is his capital gain (before discount) if he does not elect to treat the Melbourne dwelling as his main residence during his absence?
Group of answer choices
$80,000
Nil
$120,000
$200,000
Answer & Explanation
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