written Solution

QUESTION 70 TO mark's) Ivan, an Australian tax resident is employed as an electrician. He plans to travel to Brazil for ? years and have decided in sell some of his assets to fund his trip. The following ware bie transactions made by Ivan. Assets Purchase cost Acquisition Disposal date Sale price acquired Daio A Lid shares 50,600 30 July 1485 20 December $23.000 2015 B Lid shares $4 300 30 July 2013 24 July 2015 $5.000 C Lid shares 52 000 11 April 1087 24 March 2010 12.250 O Lid shares $3,060 4 January 2009 June 2016 $1 201 Painting 45000 10 March 1998 20 June 2015 Jewellery $4.000 30 May 1997 16 June 2016 57 300 Rare hunting $2,000 3 May 1997 January 54 CHIO 7015 Toyota Camry $30.009 March 1949 1 May 2016 $21 000 Ivan's car Flat (Ivan's $180.000 28 August 1995 25 June 2010 4310 060 homo Home furniture 814.000 13 Quober 2002 February $12,000 2016 Holiday 5120,000 15 April 1950 5 November| $190 0o0 apartment 2015 Wan had 52.500 of capital losses carried forward forn 2015/16 which are related to shares Requirea: Compuin Ivan's not capital gains loss to be included in his 2015/15 assessable income using the discount method. Please cite the relevant sections of the Act of cape law Suggested solution General masels Sept 1989 #104-10