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: - 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
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