In the 2020-21 tax year brian sold a painting from his collection. He had purchased the painting

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In the 2020-21 tax year brian sold a painting from his collection. He had purchased the painting for $100,000 in 2011 and sold it for $1.1million in April 2021. This was brain’s only CGT event of the tax year, brian has a carried forward the loss of $400,000 from the sale of collectibles from the previous tax year.
What is brian’s net capital gain for the 2022-21 income year?

a. $300,000

b. $600,000

c. $1,000,000

d. $100,000

Posted Date: Sep 17, 2021 07:25 AM

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In the 2020-21 tax year brian sold a painting from his collection. He had purchased the painting

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Answer B 600000 Explanation Given 2019 net capital loss 15000 2017 net capital gain 6300 2016 net ... View the full answer

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