Question 1 Mr khan got some cash worth $ 500,000 and collectibles in inheritance, and his ancestors...

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Question 1
Mr 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 in18^th century. The market value of this diamond on thedate of death was $ 20,000.
CALCULATE THE CAPITAL GAINS TAX OF MR KHAN. (Australiantax law)

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when a deceased person acquired their asset before sept 1985 the first element of your cost base is market value of the asset on the date the person died hence cost of collectibles is 100000 If asset is See Answer

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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)