Christopher undertook the following Investment Transactions 1970 Bought a block of land for $10,000. 2020...
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Christopher undertook the following Investment Transactions • 1970 Bought a block of land for $10,000. 2020 Sold the same block of land for $900,000 2013 Bought a family home for $600,000 and lived in it immediately. 2020 Sold the family home for $550,000 and decided to rent a house to live in. . 2017 purchased shares in ABC for $70,000. 2020 sold shares in ABC for $90,000 . 2018 Invested $20,000 into a savings account at Commonwealth Bank. 2020 Withdrew $20,000 from the Commonwealth Bank savings and donated it all to charity. . 2018 purchased shares in DEF for $90,000. 2020 sold shares in DEF for $40,000 a) What are the CGT implications for each of these transactions? (5 marks) Suggested Word count 100-300 words b) What is the net CGT position after all of these transactions is Christopher has a MTR of 37%? (5 marks) Suggested Word count 100-300 words Christopher undertook the following Investment Transactions • 1970 Bought a block of land for $10,000. 2020 Sold the same block of land for $900,000 2013 Bought a family home for $600,000 and lived in it immediately. 2020 Sold the family home for $550,000 and decided to rent a house to live in. . 2017 purchased shares in ABC for $70,000. 2020 sold shares in ABC for $90,000 . 2018 Invested $20,000 into a savings account at Commonwealth Bank. 2020 Withdrew $20,000 from the Commonwealth Bank savings and donated it all to charity. . 2018 purchased shares in DEF for $90,000. 2020 sold shares in DEF for $40,000 a) What are the CGT implications for each of these transactions? (5 marks) Suggested Word count 100-300 words b) What is the net CGT position after all of these transactions is Christopher has a MTR of 37%? (5 marks) Suggested Word count 100-300 words
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a CGT implications for each transaction 1 Bought a block of land in 1970 for 10000 and sold it in 2020 for 900000 This transaction would attract Capital Gains Tax CGT as it involves the sale of an ass... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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