Anita is a client of yours. To fund her career as an artist Anita sold some of her art collection by other artists. It consisted of:

1. An antique ceramic bowl purchased in February 1985 for $4,000. She sold the bowl on 1 December of the current tax year for $12,000.
2. A sculpture purchased in December 1993 for $5,500. She sold the sculpture on 1 January of the current tax year for $6,000.
3. A bronze gure purchased in October 1987 for $14,000. She sold the bronze gure on 20 March of the current tax year for $13,000.
4. A painting purchased in March 1987 for $470. She sold the painting on 1 July of the current tax year for $5,000.

Anita tells you she has never claimed any capital losses in the past. She wants to know the tax consequences of all these transactions.

Advise Anita on the cost base, capital event and capital proceeds for each sale and calculate any carried forward capital losses showing references to appropriate legislation and all calculations.

Ensure you refer to applicable legislation, case and reasons law in your answer.

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