Select the correct CGT consequence, meaning will the event give rise to CGT even or not?...

 

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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. A. No. ignore any capital gain or loss. B. Yes, a CGT even has happened and capital gain/loss needs 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. calculated. An antique purchased in 15 September 1985 for S600. She sold it on 23 May of the current tax year for $25.000. 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. A. No. ignore any capital gain or loss. B. Yes, a CGT even has happened and capital gain/loss needs 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. calculated. An antique purchased in 15 September 1985 for S600. She sold it on 23 May of the current tax year for $25.000.

Answer rating: 100% (QA)

Painting purchased in Dec 1995 for 55000 and sold at 45000 in same tax year so no depreciation is ch... View the full answer