My Mother inherited a vacant block of land under her sister’s estate. Her sister bought the block of land on 23 June 1992 for $14,000. Her sister’s died on, 20 March 1997, time of death block of land had a market value of $32,000. Helen sold the block of land on 14 June 2013 amount of $450000.
what would be the LAND Cost Base 14000 or 32000 and capital gain tax ?Please provide with references.
She also inherited the painting two years ago from a relative. The market value of the painting on the date of her relative’s death was $23,000. The painting was bought by her relative in 2001 for $13, 200, she sold on 29 June 2013 amount of $54000
what would be the cost base of painting, please provide with the references.
Note: I Read up on Date of Death issues. Read s 116-20 and s128-15,still confused.
Thank you for your reply.
Could you please let me know what would be the cost base $14000 or
As per sec 128-20, the cost base would be $32000 plus expenses.
As per sec 128-15 (ref to your email), the cost base would be $14000 plus expenses.
please see attached and advise.