Solution-Calculate his net capital gain or net capital loss

Calculate his net capital gain or net capital loss

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Reference no: EM132992084

Question - Benjamin is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT) consequences of the following transactions:

He purchased the following items last eight months ago.

- An antique ceramic bowl (for $4,000),

- An antique vase (for $5,000),

- A colourful painting (for $15,000),

- A TV sound system for his personal use (for $10,000) and

- Shares of a reputed Company (for $6,000)

Last week he sold these assets as follows:

- An antique ceramic bowl (for $6,000),

- An antique vase (for $1,000),

- A colourful painting (for $ 5,000),

- A TV sound system for his personal use (for $9,000) and

- Shares of a reputed Company (for $26,000)

Based on the legal provisions, discuss capital gain tax assets and calculate his net capital gain or net capital loss for the current tax year?

Reference no: EM132992084

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Calculate his net capital gain or net capital loss

Reference no: EM132992084

Reference no: EM132992084

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