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Question
Capital Gains Tax
Sherlock is a resident individual and has sold some of his share portfolio in the 2017/18 income year. The relevant details are:
a) Shares in LSD Ltd were sold on 6 September 2017 for $150 000. These had been purchased on 12 April 2017 for $110 000
b) Shares in Mirage Pharmaceuticals Pty Ltd were sold on 8 November 2017 for $80 000. These had been purchased on 1 April 1988 for $140 000
c) Shares in Wondersoft Instruments were sold on 15 May 2018 for $120 000. These had been purchased on 10 October 1984 for $10 000
Sherlock also has a trading loss from his sweet shop sole trader business of $15 000 for the 2017/18 year.
Required
Part A
With reference to relevant legislation calculate Sherlock's net capital gain for the 2017/18 income year
Part B
Calculate the net capital gain if the taxpayer is Sherlock Pty Ltd and is also a resident of Australia for tax purposes. Sherlock Pty Ltd is also a sweet shop.
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