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

Select the correct CGT consequence, meaning will the event give rise to

 

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.

Step by Step Solution

3.43 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

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

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!