Katie's brother died in March 2020, and as a result, at that time, she inherited the following
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Question:
Katie's brother died in March 2020, and as a result, at that time, she inherited the following assets from her brother:
- A house (House A) was purchased by her brother in June 2010, which had been used by her brother as his main residence. In her brother's hands, the cost base was $400,000. Market value in March 2020 was $1,000,000.
- A house (House B) was purchased by her brother in July 2012 and used by him as an investment property. In her brother's hands, the cost base was $700,000. The market value during March 2020 was $800,000.
Katie initially rents out both houses, and then makes the following sales during January 2021:
- House A: sold for $1,100,000
- House B: sold for $950,000
- Required: Discuss the CGT consequences regarding Katie selling the 2 houses. Where applicable, discuss if the 50% discount is available
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