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The AAT has held that s 118-195(1) ITAA 1997 did not apply to exclude the capital gain derived by the trustees of the estate of Jack Reginald Cawthen (deceased) upon the disposal of a dwelling and land in which the trustees held an interest. The trustees only acquired the interest after Mr Cawthen's death; prior to that time, it was owned by a family company of which Mr Cawthen was a shareholder, and from whom he and his wife had been granted a licence or right to occupy the dwelling as their main residence: Estate of Mr Cawthen (Deceased) and FCT [2008] AATA 1168 (AAT, Dunne SM, 24 December 2008).

For a copy of the decision, go here.

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