Michael purchased the shares in ABC Pty Ltd below. On 8 February 2020 Michael sold all...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Michael purchased the shares in ABC Pty Ltd below. On 8 February 2020 Michael sold all of his ABC Ltd shares for $7,800. He paid $220 brokerage on the sale. Calculate Michael's capital gain and determine what he will include at Item 18 of his tax return. Number of Shares Dete Purchad Amount paid Broerg Item 18H 456 Item 18A 383 Item 18V 0 theres ABC Pty Ltd ABC Pty Ltd 8 August 2011 12 lune 2015 4,800 100 579 55 12 May 2019 300 55 100 Item 18H 327 Item 18A 174 Item 18V 0 Item 18H 481 Item 18A 174 Item 18V 0 Item 18H 543 Item 18A 174 Item 18V 0 Hint: 1 Correct answer (s) Number of Shares Parcel Date Purchased Amount paid Brokerage shares ABC Pty Ltd 1 8 August 2011 600 4,800 55 ABC Pty Ltd 2 12 June 2015 100 579 55 ABC Pty Ltd 3 12 May 2019 300 1,800 55 1,000 Michael purchased the shares in ABC Pty Ltd below. On 8 February 2020 Michael sold all of his ABC Ltd shares for $7,800. He paid $220 brokerage on the sale. Calculate Michael's capital gain and determine what he will include at Item 18 of his tax return. Number of Shares Dete Purchad Amount paid Broerg Item 18H 456 Item 18A 383 Item 18V 0 theres ABC Pty Ltd ABC Pty Ltd 8 August 2011 12 lune 2015 4,800 100 579 55 12 May 2019 300 55 100 Item 18H 327 Item 18A 174 Item 18V 0 Item 18H 481 Item 18A 174 Item 18V 0 Item 18H 543 Item 18A 174 Item 18V 0 Hint: 1 Correct answer (s) Number of Shares Parcel Date Purchased Amount paid Brokerage shares ABC Pty Ltd 1 8 August 2011 600 4,800 55 ABC Pty Ltd 2 12 June 2015 100 579 55 ABC Pty Ltd 3 12 May 2019 300 1,800 55 1,000
Expert Answer:
Answer rating: 100% (QA)
Item 18H 543 Item 18A 174 Item 18V 0 While capital gains are generally associated with stocks and fu... View the full answer
Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
Students also viewed these accounting questions
-
Image caption Evaluate, |(In x)? dx
-
What is wrong with the caption of the cartoon shown in Figure Q36.1?
-
If you deposit $2,000 today into an account earning an annual rate of return of 9 percent, what would your account be worth In 30 years? a. If you deposit $2, 000 today into an account earning an...
-
For each of the following cases, indicate the amount of the foreign-earned income exclusion. (Disregard the effect of exemptions for certain allowances under Sec. 912.) a. Sam, a U.S. citizen, is an...
-
Based on the survey conducted by a municipal administration in the Netherlands, Monday appeared to be managements' preferred day for laying off workers. Of the total number of workers laid off in a...
-
Mrs. Clarks Foods was an Iowa company engaged in the business of distributing juice beverages. International Suntrade and Miller & Smith Foods were Canadian companies that acted as brokers...
-
The unadjusted trial balance of Aurora Air Purification System at December 31, 2016, and the data needed for the adjustments follow. Adjustment data at December 31 follow: a. On December 15, Aurora...
-
Research articles on Online Analytic Processing (OLAP) and Online Transaction Processing (OLTP). Next, compare and contrast the key similarities and differences between Online Analytical Processing...
-
Hart Corporation encounters the following situations: 1. Hart collects $1,300 from a customer in 2022 for services to be performed in 2023. 2. Hart incurs utility expense which is not yet paid in...
-
Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2014 Revenues: Service revenue (clinic,...
-
A job cost sheet for webbing mills has a beginning balance for the job and four related transactions during january. At the end of January, the job is completed and moved to finished goods. the cost...
-
My friend Steve has a consulting business that generates free cash flows of approximately $140,000/year after-taxes and he expects no growth over the remaining 10 years of his working life (assume he...
-
A financial insitution buys 7 million shares in a company and 35 million ounces of a commodity. The bid-offer spread on the shares is 69.5 - 70.5 Dollars. The bid offer spread on the commodity is 25...
-
During 2021, Bismuth Cartridge Corporation had an average daily cost of goods sold of $13 million, average accounts receivable of $91 million, average inventory of $104 million. What was Bismuth's...
-
Coyote Manufacturing bought a delivery truck for $50,000 on July 1, 2017. The registration fee for the truck was $4,000. Coyote also spent $2,000 to paint its logo on the truck. Coyote estimated that...
-
You are a premium wine maker in Australia and would like to explore the German market to enter. Detail any top 5 export consideration issues that you would want to explore before you make the final...
-
Repeat the previous problem, but close the positions on September 20. Use the spreadsheet to find the profits for the possible stock prices on September 20. Generate a graph and use it to identify...
-
Briefly explain the following terms that relate to an entity's financing. Include an example in your explanation where possible. a) The hedging principle. b) Hybrid debt securities.
-
The following financial statements were prepared for the management of MNM Ltd. The statements contain some information that will be disclosed in note form in the general purpose financial statements...
-
Oricaissues a sustainability report using the GRI reporting framework. a. Access the report on-line at www.orica.com.au/sustainability/index.asp Comment on its appearance, structure and...
-
If 25 women are randomly selected, find the probability that the mean of their red blood cell counts is less than 4.444. Assume that red blood cell counts of women are normally distributed with a...
-
Find the probability of an IQ less than 85.
-
What percentage of women have red blood cell counts in the normal range from 4.2 to 5.4? Assume that red blood cell counts of women are normally distributed with a mean of 4.577 and a standard...
Study smarter with the SolutionInn App