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Question 11.1 Anita is a client of yours. To fund her career as an artist Anita sold some of her art collection by other artists. It consisted of:(a) An antique ceramic bowl purchased in February 1985 for $4,000. She sold the bowl on 1 December of the current tax year for $12,000. (b) Asculpture purchased in December 1993 for $5,500. She sold the sculpture on 1 January of the current tax year for $6,000. (c) A bronze figure purchased in October 1987 for $14,000. She sold the bronze figure on 20 March of the current tax year for $13,000. (d) Apainting purchased in March 1987 for $470. She sold the painting on 1 July of the current tax year for $5,000. Consider the CGT consequences of the above transactions. Question 11.8 Scott is an accountant who purchased a vacant block of land in Brisbane on 1 October 1980. On 1 September 1986, Scott built a house on the land. At the time, the land was valued at $90,000 and the cost of construction was $60,000. The property has been rented out since construction was completed. On 1 March of the current tax year, Scott sold the property at auction for $800,000. (a) Based on the information above, determine Scott's net capital gain or net capital loss for the year ended 30 June of the current tax year