Question
Benjamin is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT) consequences of the following transactions:
Benjamin is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT) consequences of the following transactions: He purchased the following items last eight months ago. - an antique ceramic bowl (for $4,000), - An antique vase (for $5,000), - A colourful painting (for $15,000), - A TV sound system for his personal use (for $10,000) and - Shares of a reputed Company (for $6,000) Last week he sold these assets as follows: HI6028 Tutorial T1 2021 - an antique ceramic bowl (for $6,000), - An antique vase (for $1,000), - A colourful painting (for $ 5,000), - A TV sound system for his personal use (for $9,000) and - Shares of a reputed Company (for $26,000) Based on the legal provisions, discuss capital gain tax assets and calculate his net capital gain or net capital loss for the current tax year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started