Reference no: EM133293342

Facts In September 2021, Dan sold: 1. his postage stamp collection for $700 - he had bought this at a online market 24 months ago for $25,000. 2. a set of rare soccer gear kit for $4,000 - this had been bought only 3 months ago for $500. 3. BHP shares for $25,000 - Dan had inherited the shares when his uncle died in 2003 - the shares had been purchased by the uncle in 1983, and when the uncle died the market value of the shares was $35,000 and their cost base for the uncle was $12,000. 4. his plane for $18,000 - Dan had paid $65,000 when he bought the plane from his friend two years ago. 5. his principal place of residence for $800,000 - Dan had paid $500,000 5 years ago. Approximately ¼ of the principal place of residence was used as his dental practice. He claimed interest expense as deductible expense for the dental practice portion. 6. his holiday house for $700,000 - Dan had paid $750,000 2 years ago. The holiday house was occasionally used for AirBnB.

Question

Explain and calculate the CGT consequences for Dan for each event.