Dennis purchased a property in Adelaide in April 2010 for $400,000. Dennis lived in that property until 2012 at which time he moved interstate for work and rented out the property. The property remained rented until April 2019 at which time Dennis returned to live in the property. Dennis then sold the property in April 2020 for $560,000. Does Dennis have any CGT liability on the sale of this property?
A) $56,000
B) $112,000
C) $160,000
D) $0
Correct Answer:
Verified
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