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Question 1Mr khan got some cash worth $ 500,000 and collectibles ininheritance, and his ancestors died on November 2003. Thecollectibles were acquired by the ancestors before September 1985at a cost of $ 20,000.And these collectibles were worth $ 100,000 on the date ofdeath.From the inherited amount, Mr Khan bought some shares in BHPfor$ 50,000. And he bought a house in Burwood for $ 400,000 in2003, also he bought a painting for $ 20,000 on the same date.During the current year the painting was stolen and there was noinsurance on the painting. He sold the shares in BHP (2000 shares @$50, commission $1/share)In 2015 Mr khan sold his property in Burwood for $ 700,000 andstarted living with his parents. Mr khan before moving into hisparent’s house he was living in his Burwood property.In 2015 he sold a diamond ring which was inherited from hisancestors for $100,000. This item was purchased for $ 50,000 in18th century. The market value of this diamond on thedate of death was $ 20,000.CALCULATE THE CAPITAL GAINS TAX OF MR KHAN. (Australiantax law)