Question 9 1 Point Which of the following transactions will give rise to an assessable capital gain? A Gerry purchased a car for $13,000 on 3 August 2015 and sold it for $18,000 on 25 November 2019 B Michael purchased a ticket in a lottery for a new home worth $500,000. He won the home and received it on 12 September 2019. He is currently using it as his home George injured his arm in a work accident and was given $10,000 in compensation for the personal injury D Philip purchased 1,000 shares in SOLAR for $9.00 each on 12 March 2015. He sold them for $11 each on 23 May 2019 Daniel purchased a rental property on 3 July 2018 and immediately rented it out earning $520 per week in rental income. He paid the following amounts in relation to the property: Purchase price $400,000 Stamp duty on purchase $3,500 Legal fees to transfer title to him $1,300 Interest paid on loan to purchase the property $28,000 Extension to main bedroom $14,000 Rates paid to the local council $1,500 What will be Daniel's cost base of the rental property for CGT purposes based on the above expenditure? A $448,300 B $420,300 C $418,800 D) $417,500 Gifts are: A Never tax-deductible B Always tax-deductible Deductible if they fall within categories specified in the ITAA D Deductible if one person carries out work for another person and waives payment on the grounds that the work was 'a present'. Question 12 1 Point A tax payer can deduct from his/her assessable income any loss or outgoing to the extent that: A It is incurred in gaining or producing the person's assessable income B The person has signed a declaration saying that all losses and outgoings incurred are 'for the benefit of the employer' The loss or outgoing was incurred on the weekend D None of the above