Autralian tax law

Question Completion Status: QUESTION 1 (17 Marks) PARTA: On 19 May 2020, Linda disposed the following assets. Item Purchase Price Sale Price Acquisition Date a. Diamond ring $12,000 $Nil b. Shares in CBA Ltd ** $2,800 $52,000 $13,000 $18,000 C. Baby grand piano d. Rental property in Noosa e. Comic book January 2014 July 1983 August 2014 July 2017 December 2014 $680,000 $850,000 $400 $250 On 19 May 2020, burglars broke into Linda's house and stole the ring that she bought in January 2014 Despite reporting the theft to the police, the ring was never recovered. Unfortunately, for Linda, the ring was not insured. As such, Linda did not receive any insurance proceeds. The market value of the ring on the day it was stolen (ie. 19 May 2020) was $14,000. On 9 October 2019, Linda's father, Max, passed away. Linda inherited 1,000 shares in Commonwealth Bank of Australia Ltd on this date. Linda discovers that her father bought these CBA shares on 3 July 1983 at a cost of $2,800. On the date of her father's death (being. 9 October 2019) the market value of these CBA shares was $48,000. REQUIRED: For each asset listed above, calculate Linda's net capital gain or capital loss for the year ended 30 June 2020. There is no need to calculate Linda's overall net capital gain. Please show all workings. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your answer. Assume that Linda wishes to minimise her capital gain wherever legally possible. ieke Sare and Submit to save and submit. Click Save All Answers to save all answers. 7 ocument will the police, the ring was never recovered. Unfortunately, for Linda, the ring was not insured. As such, Linda did not receive any lane proceeds. The market value of the ring on the day it was stolen (ie, 19 May 2020) was $14,000 On 9 October 2019, Linda's father, Max, passed away. Linda inherited 1,000 shares in Commonwealth Bank of Australia Ltd on the date. Linda discovers that her father bought these CBA shares on 3 July 1983 at a cost of $2,800. On the date of her father's death being October 2019) the market value of these CBA shares was $48,000, REQUIRED: For each asset listed above, calculate Linda's net capital gain or capital loss for the year ended 30 June 2020. There is no need to calculate Linda's overall net capital gain. Please show all workings. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your answer. Assume that Linda wishes to minimise her capital gain wherever legally possible. (a) Diamond Ring (b) Shares in Commonwealth Bank of Australia Ltd (c) Baby grand piano (d) Rental Property in Noosa (e) Comic Book (5 mare TT T Arial 3 (12pt) T-E. I Click Save and Submit to save and submit. Click Save All Answers to save all answers. o H! Question Completion Status: QUESTION 1 (17 Marks) PARTA: On 19 May 2020, Linda disposed the following assets. Item Purchase Price Sale Price Acquisition Date a. Diamond ring $12,000 $Nil b. Shares in CBA Ltd ** $2,800 $52,000 $13,000 $18,000 C. Baby grand piano d. Rental property in Noosa e. Comic book January 2014 July 1983 August 2014 July 2017 December 2014 $680,000 $850,000 $400 $250 On 19 May 2020, burglars broke into Linda's house and stole the ring that she bought in January 2014 Despite reporting the theft to the police, the ring was never recovered. Unfortunately, for Linda, the ring was not insured. As such, Linda did not receive any insurance proceeds. The market value of the ring on the day it was stolen (ie. 19 May 2020) was $14,000. On 9 October 2019, Linda's father, Max, passed away. Linda inherited 1,000 shares in Commonwealth Bank of Australia Ltd on this date. Linda discovers that her father bought these CBA shares on 3 July 1983 at a cost of $2,800. On the date of her father's death (being. 9 October 2019) the market value of these CBA shares was $48,000. REQUIRED: For each asset listed above, calculate Linda's net capital gain or capital loss for the year ended 30 June 2020. There is no need to calculate Linda's overall net capital gain. Please show all workings. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your answer. Assume that Linda wishes to minimise her capital gain wherever legally possible. ieke Sare and Submit to save and submit. Click Save All Answers to save all answers. 7 ocument will the police, the ring was never recovered. Unfortunately, for Linda, the ring was not insured. As such, Linda did not receive any lane proceeds. The market value of the ring on the day it was stolen (ie, 19 May 2020) was $14,000 On 9 October 2019, Linda's father, Max, passed away. Linda inherited 1,000 shares in Commonwealth Bank of Australia Ltd on the date. Linda discovers that her father bought these CBA shares on 3 July 1983 at a cost of $2,800. On the date of her father's death being October 2019) the market value of these CBA shares was $48,000, REQUIRED: For each asset listed above, calculate Linda's net capital gain or capital loss for the year ended 30 June 2020. There is no need to calculate Linda's overall net capital gain. Please show all workings. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your answer. Assume that Linda wishes to minimise her capital gain wherever legally possible. (a) Diamond Ring (b) Shares in Commonwealth Bank of Australia Ltd (c) Baby grand piano (d) Rental Property in Noosa (e) Comic Book (5 mare TT T Arial 3 (12pt) T-E. I Click Save and Submit to save and submit. Click Save All Answers to save all answers. o H