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QUESTION
Scott is an accountant who purchased a vacant block of land inBrisbane on 1 October 1980. On 1 September 1986, Scott built ahouse on the land.
Scott is an accountant who purchased a vacant block of land inBrisbane on 1 October 1980. On 1 September 1986, Scott built ahouse on the land. At the time, the land was valued at $90,000 andthe cost of construction was $60,000. The property has been rentedout since construction was completed. On 1 March of the current taxyear, Scott sold the property at auction for $800,00
