Calculate the net capital gain or loss for Murry, a resident, who:

1. purchases a second house for $250,000 incurred on 23 June 1988 and sells it for $380,000 on 30 January of the 2021-2022 income tax year
2. purchases a rare stamp album for $12,000 incurred on 23 July 1989 and sells it for $130,000 on 30 January of the 2021-2022 income tax year 
3. purchases a car for $25,000 incurred on 12 June 1998 and sells it for $13,000 on 30 January of the 2021-2022 income tax year
4. purchases a house in London for $1,250,000 incurred on 23 June 1993 and sells it for $1,680,000 on 30 January of the 2021-2022 income tax year — the house is not eligible for any capital allowance deductions
5. purchases a taxi licence for $150,000 incurred on 23 October 1996 and sells it for $80,000 on 30 January of the 2021-2022 income tax year, and
6. purchases a holiday home for $230,000 incurred on 23 June 1985 and sells it for $480,000 on 30 January of the 2021-2022 income tax year.

Required

1. Calculate the minimum capital gains/losses for each of the above items Murry purchased. (
2. Determine the overall taxable net capital gains/losses Murry needs to include in her tax return for the 2021-2022 income tax year . 

Answer rating: 100% (QA)

Certainly Lets calculate the minimum capital gains or losses for each item Murry purchased 1 Second ... View the full answer