Calculate the capital gain tax

Reference no: EM133606249

Question: Calculate the Capital Gain Tax (CGT): During the 30 June 2023 financial year Sam sold a vacant block of land, the contract was dated 25th June 2023 and the property settled on the 28th July 2023. Sam originally brought the block of land in May 1991 for $100,000, in June 2020 he subdivided the block of land into three lots. At the time of subdivision each lot had a market value of $200,000. Sam only sold one of the blocks for $550,000 on the 25th June 2023 and she still owns the other blocks.

Reference no: EM133606249

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