Calculate the capital gain and capital loss

Assignment Help Taxation
Reference no: EM13509038

Tommy Turtleneck, an Australian tax resident, derived the following amounts in the year ended 30 June 2011:

 

 

Acquisition

Arm's-length cost

Sale date

Proceeds

 

 

date

$

 

$

 

 

 

 

 

 

1.

Sale of family car

June 2006

30,000

June 2011

35,000

2.

Sale of private motor bike

July 2006

10,000

June 2011

8,000

3.

Sale of painting from

August 2006

400

June 2011

80,000

 

private collection

 

 

 

 

4.

Sale of trading stock

May 2011

80,000

May 2011

110,000

5.

Lottery win

N/A

N/A

May 2011

300,000

6.

Sale of depreciating asset

April 2007

Cost = 10,000

June 2011

3,000

 

used 100% for business

 

Adjustable value = 2,000

 

 

7.

Sale of shares in a

April 2011

70,000

May 2011

80,000

 

company which were

 

 

 

 

 

acquired for a commercial

 

 

 

 

 

profit-making purpose

 

 

 

 

8.

Compensation for losing

N/A

N/A

May 2011

20,000

 

his left leg in a shark attack

 

 

 

 

9.

Sale of his family home

April 2002

1,000,000

June 2011

1,500,000

10.

Sale of rental property

April 1984

400,000

June 2011

800,000

 

 

 

 

 

 

Required

Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios. Cite the relevant section reference for each scenario (where relevant, you must identify the specific provisions/subsections/ paragraphs/items, etc.).

Reference no: EM13509038

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