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Betty Bottleneck, an Australian tax resident, ceased to be an Australian tax resident on 30 June 2011. At that time, she owned the following assets:
Acquisition date
Arm's-length cost
Market value
$
1.
Wine collection (to drink)
June 2006
8,000
80,000
2.
Rental apartment in Sydney
July 2008
500,000
600,000
3.
Rental apartment in New Zealand
August 1984
450,000
4.
Shares in listed company
August 2010
200,000
260,000
(1% shareholding)
5.
Stamp collection
March 2005
150,000
110,000
Required
Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios assuming that no election is made. Cite the section reference(s) (apart from simply stating ‘section 104-160') which address(es) the relevant technical issue(s) - where relevant, you must identify specific provisions/subsections/paragraphs/items etc.
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