During 2021 an individual sold various personal items as follows: furniture $8,000; jewellery $10,000; automobile $29,000; gold coins $9,000. The cost base of these items is as follows: furniture $11,300; jewellery $12,400; automobile $25,500; gold coins $7,800. 

What is the tax effect of these sales transactions?

Answer rating: 100% (QA)

To determine the tax effect of the sales transactions we need to calculate the capital gains or loss... View the full answer