Explain and calculate the cgt consequences for dan

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Question

In March 2021, Dan sold:

1. his coin collection for $7,000 - he had bought this at a market 18 months ago for $8,000.

2. a set of golf clubs for $2,000 - this had been bought only 3 months ago for $4,000.

3. BHP shares for $10,000 - Dan had inherited the shares when his uncle died in 2003 - the shares had been purchased by the uncle in 2001, and when the uncle died the market value of the shares was $20,000 and their cost base for the uncle was $15,000.

4. his car for $18,000 - Dan had paid only $8,000 when he bought the car from his friend two years ago.

5. his principal place of residence for $500,000 - Dan had paid $420,000 5 years ago. Question Explain and calculate the CGT consequences for Dan.

Reference no: EM133538052

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