Benne, a resident taxpayer, disposed of the following assets during the year ended 30 June 2021:-...

 

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Benne, a resident taxpayer, disposed of the following assets during the year ended 30 June 2021:- Asset Stamps Qantas Shares Jewellery Digicom Shares (see Note #1) ABC Ltd Shares Caravan Purchase Cost ($) 25,000 14,000 630 5,210 12,000 Acquisition Date 1 Jun 2002 1 Apr 2020 1 Mar 2001 1 Aug 2009 1 Nov 2006 Disposal Date 8 Aug 2020 1 Oct 2020 1 Jun 2021 On the 1 Aug 2020, he sold all Digicom shares for $6,500. He paid $36 for the brokerage charges. 7 Nov 2020 1 Mar 2021 Note #1 - Digicom shares On 25 Oct 1995, Benne purchased 2,000 shares of Digicom at $2.20 per share. He paid $50 for brokerage charges. Sale Price ($) 21,300 18,800 6,000 9,000 2,500 Note #2 - Benne has capital losses carried forward of $1,000 on collectables and $3,800 on share transaction. Required Calculate Benne's minimum net capital gain for the year ended 30 June 2021 and capital losses, if any, to be carried forward to 2021/2022. Show all working. Benne, a resident taxpayer, disposed of the following assets during the year ended 30 June 2021:- Asset Stamps Qantas Shares Jewellery Digicom Shares (see Note #1) ABC Ltd Shares Caravan Purchase Cost ($) 25,000 14,000 630 5,210 12,000 Acquisition Date 1 Jun 2002 1 Apr 2020 1 Mar 2001 1 Aug 2009 1 Nov 2006 Disposal Date 8 Aug 2020 1 Oct 2020 1 Jun 2021 On the 1 Aug 2020, he sold all Digicom shares for $6,500. He paid $36 for the brokerage charges. 7 Nov 2020 1 Mar 2021 Note #1 - Digicom shares On 25 Oct 1995, Benne purchased 2,000 shares of Digicom at $2.20 per share. He paid $50 for brokerage charges. Sale Price ($) 21,300 18,800 6,000 9,000 2,500 Note #2 - Benne has capital losses carried forward of $1,000 on collectables and $3,800 on share transaction. Required Calculate Benne's minimum net capital gain for the year ended 30 June 2021 and capital losses, if any, to be carried forward to 2021/2022. Show all working.

Answer rating: 100% (QA)

To calculate Bennes minimum net capital gain for the year ended 30 June 2021 and capital losses to b... View the full answer