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John purchased his family home for $5O,O0O in 1984 on frst migrating to Australia John...

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Accounting

John purchased his family home for $5O,O0O in 1984 on frst migrating to Australia John lived in and used the property as his main residence until he passed away in2014 when the property was worth $250,000. In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2016, when the property was worth$275,00O. Too emotional for keeping the property, Mary sold the house at auction in June 201 for $280,000. lgnoring any capital losses (of which Mary has none), what is the amount of any net capital gain made by Mary on the sale of her inherited house?

$5,000 $15,00O O $30,000 $165,0OO $230,000

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