Multiple Choice Questions - For each of the following select the most correct answer.

1) Which of the following equations is most correct? a Net capital gain = current year gains + gains from previous years b Net capital gain = current year gains - current year losses - losses of previous years c Net capital gain = current year gains - losses of previous years d Net capital gain = current year gains - current year losses + losses of previous years e Net capital gain = (current year gain - discount on gain - current year losses)

2) Which of the following is not a requirement of a CGT event? a A CGT asset b Acquisition on or after 20 September 1985 c A sale d A disposal e None of the above

3) Assets not exempted from capital gains tax include: a A motor cycle b Personal use assets acquired for $15,000 c A coin acquired 1September 2002 for $470 kept for personal enjoyment d A share investment acquired before 20 September 1985 e All of the above are exempt

4) The second element of the cost base of a CGT asset would include: a Property market value b Non-capital costs of owning an asset incurred after 21 August 1991 c A deck built on a residential investment property d Stamp duty e None of the above

5) The fourth element of the cost base of a CGT asset would include: a Property market value, b Non-capital costs of owning an asset incurred after 21 August 1991 c A deck built on a residential investment property d Stamp duty e None of the above