Question: QUESTION 2 - (15 MARKS) Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of

QUESTION 2 - (15 MARKS) Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:

1. Antique Painting that was given to Taryn by her father 5 years ago. Taryns father bought it on 20 August 1984 for $2,500. Taryn sold it on 1st June 2020 for $25,000

2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20th May 2020, she bought on 1st January 2015 for the amount of $20,000

3. Taryn sold her Harry Potters collection for the amount of $1,500 on 4th January 2020, she bought it second hand on 10th October 2018 for $350.

4. Taryn sold her gold necklace for $2,000 on 20th March 2020, she bought it for $1,200 on 8th August 2018 5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500

Advise the Capital Gain Tax Consequences for the above transactions

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