Question
A.Bill has made the following capital gains and capital losses from various transactions in the income year ended 30 June 2020: -sale of shares in
A.Bill has made the following capital gains and capital losses from various transactions in the income year ended 30 June 2020:
-sale of shares in Alpha Company: $7,900 capital gain
-sale of shares in Beta Limited: $1,500 capital loss
-purchased a 110-year old vase for more than $500: $2,830 capital gain
-sale of his rental property: $202,890 capital gain.
Bill also has a carried forward loss of $150 from the sale of a silver necklace (cost $400) and a carried forward loss of $890 from the sale of shares from the previous income year.
Calculate the total net capital gain or net capital loss that Bill must declare in his 2020 Income Tax Return. Assume Bill is not entitled to any small business concessions and that all assets were acquired at least 12 months before their sale.
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