Explain which cgt event happens, and when the event happens

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Reference no: EM133282804

Facts 1. Kath sold her business to Tim and agreed that she would not operate a similar business in the same city for three years. Tim paid Kath $40,000 for her agreement to this restriction. Kath agreed to pay Tim $80,000 if she breached this condition but this never eventuated. 2. Mel acquired a plane in December 2019. The plane was destroyed by fire in January 2020 and she received compensation from his insurer in June 2021. With the compensation she received, she went onto purchase Rio Tinto shares. 3. Abe was injured and his delivery truck damaged from a crash in July 2020. Abe's insurance company refused to compensate him for the loss due to issues with the form completed. Abe never ended up receiving compensation.

Question Explain which CGT event happens, and when the event happens, in the above circumstances.

Reference no: EM133282804

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