Solution-Calculate the capital gain-capital loss in relation

Calculate the capital gain-capital loss in relation

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Reference no: EM13509043

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	500,000
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.

Reference no: EM13509043

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Calculate the capital gain-capital loss in relation

Reference no: EM13509043

Reference no: EM13509043

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