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Question 6 (CGT) Ling inherited an empty commercial building from her mother in August 1992....

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Accounting

Question 6 (CGT) Ling inherited an empty commercial building from her mother in August 1992. Her mother had originally bought it in November 1986 for $40,000. It was worth $110,000 when Ling inherited it. In 2018 Ling spent $450,000 to convert the building into two apartments. What is the cost base (excluding indexation) of the building, if Ling were to sell the two apartments today? 1) $490,000 2) $450,000 3) $560,000 4) $40,000 5) $110,000

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