Jahangir is an astute long-term investor in the share market. During the year ending 30 June 2021, the following six events occurred whereby Jahangir:

1. Sold shares in Wesfarmers for $75,500, these were acquired in 2005 for $5,000.

2. Sold ANZ shares for $250,000, these were purchased in 1984 for $2,500.

3. Sold a Shimano mountain bike for $12,000, which was acquired in 2018 for $5,000.

4. Had a painting by a famous artist purchased in 2000 for $5,000 , that was

   accidentally destroyed by fire on 11 March 2019. The painting was not insured.

5. Had a prior year capital loss of $4,000 in total.

6. Received a partly franked cash dividend from ANZ $5,000. The dividend was

   franked to 70%.

REQUIRED

In regard to the above information: Part 1 Identify and calculate the relevant capital gains/losses above. (9 marks) Part2 CalculateJahangirsnetcapitalgain(3marks) Part 3 Calculate Jahangirs taxable income for the year ending 30 June 2021. (3 marks)

In your responses, ensure you state the appropriate taxation legislation, to support your answer and your calculations.