Answer to Question #68015 in Australian Law for idus

Question

Scott is an accountant who purchased a vacant block of land in
Brisbane on 1 October 1980. On 1 September 1986, Scott built a
house on the land. At the time, the land was valued at $90,000 and
the cost of construction was $60,000. The property has been rented
out since construction was completed. On 1 March of the current tax
year, Scott sold the property at auction for $800,000.
Requirement:
a) Based on the information above, determine Scott’s net
capital gain or net capital loss for the year ended
30 June of the current tax year.
b) How would your answer to (a) differ if Scott sold the
property to his daughter for $200,000?
c) How would your answer to (a) differ if the owner of the
property was a company instead of an individual?