Question: Select the correct CGT consequence, meaning will the event give rise to CGT even or not? Alisha is a client of yours who sold some
Select the correct CGT consequence, meaning will the event give rise to CGT even or not? Alisha is a client of yours who sold some of her art collection by some artists. It consisted of the following artistic works:
A painting purchased in December 1995 for $55,000. She sold the painting on 10 December of the current tax year for $45,000. An antique purchased in June 1989 for $20,000. She sold it on 1 January of the current tax year for $25,000. A sculpture purchased in April 1983 for $17,000. She sold the sculpture on 1 July of the current tax year for $29,000. A stamp collection purchased in June 1977 for $300. She sold it on 10 December of current tax year for $3,000. An antique purchased in 15 September 1985 for $600. She sold it on 23 May of the current tax year for $25,000.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
