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Issues with life estates paper

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Published on 19 Jul 18 by QUEENSLAND DIVISION, THE TAX INSTITUTE

This paper covers:

  • life estate – an estate in land that endures until the death of the person upon whom it is conferred or some specified person (“purautre vie”)
  • most often created by will
  • a common trigger for CGT liability is surrender of a life estate
  • application of CGT to life estates before TR 2006/14 was very uncertain
  • how CGT rules apply generally to deceased estates
  • TR 2006/14 and PS LA 2003/12
  • examples illustrating application of TR 2006/14
  • surrender of interest in main residence
  • application of rules to more complex estates.

Author profile

Michael Flynn KC CTA-Life
Photo of author, Michael FLYNN Michael Flynn KC, CTA (Life), is a Barrister at Owen Dixon Chambers West, specialising in taxation, and was National President of The Tax Institute in 2014. Michael has appeared in many leading taxation cases in the Federal Court and the High Court and has been a member of various committees of The Tax Institute over the past 25 years. - Current at 30 November 2023
Click here to expand/collapse more articles by Michael FLYNN.

 

This was presented at 2018 Death … and Taxes Symposium .

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