Question Agnes is a keen agricultural scientist and has been working for the Victorian Department for...

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Question Agnes is a keen agricultural scientist and has been working for the Victorian Department for the last ten (10) years. Agnes has recently been offered a job to work on some of the farms in rural Queensland, which she happily accepts. Prior to relocating, Agnes disposes the following assets: 1. Investment property A, which she sells on 1 May 2024 for $600,000. The building of the property was constructed on 1 October 1999 and was built on land that Agnes purchased in May 1984. The property was constructed for $200,000 (and at this time, the land value was $100,000). The advertising and legal fees involved to sell the property cost $6,000. 2. Investment property B, which she sells for $700,000 to her friend Charlie. The market value of the investment property is $900,000 but Agnes feels her friend is entitled to a discount. Charlie and Agnes sign a contract on 30 May 2024, where Charlie pays a deposit of $70,000. The balance of the proceeds is paid to Agnes during September 2024. Agnes bought the investment property in October 2022 for $500,000. She also incurred stamp duty fees of $4,000 at the time of purchase. 3. The sale of her bank shares for $10,000 on 30 June 2024. She bought the shares six (6) months ago, and paid $15,000 for them. 4. Jewellery, which was gifted to her by her sister on 1 January 2000. At the time of the gift, the market value of the jewellery was $5,000. Agnes sells the jewellery on 5 June 2024 for $3,000. 5. A piano from her music store business, which sells many instruments. She sells the piano for $15,000 in February 2024. She bought the piano for the music store in August 2015 for $20,000. Agnes has been operating her music store business for the past five (5) years, alongside her employment as an agricultural scientist. Agnes is having difficulty working out her net capital gain or net capital loss calculation and how to complete a small part of her income tax return. As her taxation lawyer, she seeks your advice. Required: Calculate the net capital gain or net capital loss made for the income year ending 30 June 2024, showing and explaining all your calculations with relevant case law and legislation. Question Agnes is a keen agricultural scientist and has been working for the Victorian Department for the last ten (10) years. Agnes has recently been offered a job to work on some of the farms in rural Queensland, which she happily accepts. Prior to relocating, Agnes disposes the following assets: 1. Investment property A, which she sells on 1 May 2024 for $600,000. The building of the property was constructed on 1 October 1999 and was built on land that Agnes purchased in May 1984. The property was constructed for $200,000 (and at this time, the land value was $100,000). The advertising and legal fees involved to sell the property cost $6,000. 2. Investment property B, which she sells for $700,000 to her friend Charlie. The market value of the investment property is $900,000 but Agnes feels her friend is entitled to a discount. Charlie and Agnes sign a contract on 30 May 2024, where Charlie pays a deposit of $70,000. The balance of the proceeds is paid to Agnes during September 2024. Agnes bought the investment property in October 2022 for $500,000. She also incurred stamp duty fees of $4,000 at the time of purchase. 3. The sale of her bank shares for $10,000 on 30 June 2024. She bought the shares six (6) months ago, and paid $15,000 for them. 4. Jewellery, which was gifted to her by her sister on 1 January 2000. At the time of the gift, the market value of the jewellery was $5,000. Agnes sells the jewellery on 5 June 2024 for $3,000. 5. A piano from her music store business, which sells many instruments. She sells the piano for $15,000 in February 2024. She bought the piano for the music store in August 2015 for $20,000. Agnes has been operating her music store business for the past five (5) years, alongside her employment as an agricultural scientist. Agnes is having difficulty working out her net capital gain or net capital loss calculation and how to complete a small part of her income tax return. As her taxation lawyer, she seeks your advice. Required: Calculate the net capital gain or net capital loss made for the income year ending 30 June 2024, showing and explaining all your calculations with relevant case law and legislation.