Question: Back in 1980, Clare purchased a four-acre block of land along the coast for its amazing sea views and because she knew the location would become prime real estate, giving her a nice profit a few decades later. The land initially cost Clare $130,000 on 10 October 1980. She sold the land to a developer for $650,000 on 7 January CY. While Clare kept records of purchase and sale, she did not keep records for any annual expenses incurred in relation to the land throughout the period of ownership. Based on the above facts and relevant tax laws, how should the sale of this land be treated for tax purposes? (select the best answer) This is a pre-CGT sale of asset and Clare would NOT need to declare any profit in her tax return This is a post-CGT sale of asset and Clare would need to declare a gain of $520,000 in her tax return This is a pre-CGT sale of asset and Clare would need to declare a profit of $520,000 in her tax return This is a pre-CGT sale of asset and there is no amount Clare would need to declare in her tax return as she has