Shea works as a bookkeeper. During the year ending 30th June 2020 the following events occurred: Sold
Question:
Shea works as a bookkeeper. During the year ending 30th June 2020 the following events
occurred:
Sold her stamp collection for $500, these three stamps formed a set, and were purchased in
2000 for $25 each.
Won $5 000 on the poker machines in April 2020
Sold an antique bracelet for $3 500, which was acquired on 12 July 2019 for $3 000.
Sold BHP shares for $25 000, these were purchased in 1984 for $2 500.
House was broken into on 1 March 2020 and a painting which cost Shea $600 on 1 July 2019
was stolen. The painting was not insured
Sold CBA shares for $14 000, these were purchased in 2005 for $5 000.
Shea had a prior year capital loss of $4 000.
Advise Shea of the income tax consequences of the above transactions and calculate the net
capital gain for the year ending 30.06.2020.
Expert Answer:
Income Tax Consequences for Shea Capital Gains Stamp Collection Gain of 425 500 75 This is a longter... View the full answer
