Reference no: EM132621224
Question - Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:
1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn's father bought it on 20 August 1984 for $2,500. Taryn sold it on 1'st June 2020 for $25,000
2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20'th May 2020, she bought on 1'st January 2015 for the amount of $20,000
3. Taryn sold her Harry Potter's collection for the amount of $1,500 on 4'th January 2020, she bought it second hand on 10'th October 2018 for $350.
4. Taryn sold her gold necklace for $2,000 on 20'th March 2020, she bought it for $1,200 on 8'th August 2018
5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994
Required - Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question?