Ms Elizabeth is 67 years old. She has worked all her life since she was 16 years old. Before June 2021, Ms Elizabeth wants to contribute One Million Dollar to her

retirement fund and hence she has been selling the following assets since January 2021. You are required to advise Ms Elizabeth about her Capital Gain and her tax

responsibility towards each asset.

1. She sold a residence house in which she has lived since 1983. The house was purchased $120,000 and now she sold it for $800,000. For the sale of the house, she has

paid $20,000 for a real estate agent.

2. Ms Elizabeth sold her yacht which she used to own it for the past ten years. The yacht was originally purchased for 45,000 and she sold it in March 2021 for $25.000.

3. A painting she bought in 1990 for $15,000 and she sold it in February 2021 for 40,000.