Hi all,
I'm a tad bewildered regarding a tax issue on an inherited commercial property. The property was purchased in 1967 by my parents and grandparents from which the family company was operated from. No rent was ever paid from the company to our parents/grandparents, but the company paid all rates, improvements etc. My brother and myself inherited this property from our mothers estate (2006 but the will was not probated until 2008). We have recently sold the premises as we have expanded to another property owned by the family company. Is there any tax implications?