Thomas O'Neill is married. He and his wife are both tax resident in Ireland. During the tax year 2018, Thomas completed the following transactions: (a) On 1 September, he sold a holiday home to his son Andy for 10,000. The market value for the house on 1 September 2018 was 75,000. He originally bought it on 1 September 1980 for 5,000. (b) He gifted one of his rental premises to his daughter on 1 May 2018. The market value of the premises at that date was 290,000. He originally bought the premises on 1 January 1978 for 40,000. During June 1986, he extended the premises at a cost of 25,000. In April 2003, he further extended the premises at a cost of 35,000. (c) He sold a small farm for 200,000 on 1 June 2018. He originally acquired the farm as a gift from his wife on 25 November 1988. The market value of the farm at that date was 100,000. The farm is not development land. His wife originally purchased it for 80,000 on 1 July 1985. (d). He gave a gift on 1 July 2018 of a painting to his wife. He bought the painting in August 1989 for 260,000 and its market value on 1 July 2018 was 300,000. (e) He sold his entire holding of shares in Sales Limited, an Irish resident private trading company, for 25,000 on 1 December 2018. He originally acquired the shares for 4,000 in August 1999. Thomas has unutilised losses forward at 1 January 2018 of: (i) (ii) 2,000 from a disposal to his brother John, and 3,000 from other transactions