The taxpayer, an Australian resident, is an employee of the ABC Bank and sells a number of
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Question:
1. A vintage motorcycle sold for $25,000 after purchasing it in 2000 for $5,000 and restoring it to its original condition.
2. 500 shares in Ramsey Healthcare sold for $96.50 per share after buying them for $15.00 per share in 2010.
3. 1200 units in a unit trust sold for $10.50 per unit after buying them for $12.50 per unit in 2009.
4. A long-term investment property in Sorrento which he purchased for $40,000 in 1984 and recently sold for $640,000. To achieve this price, he paid a highly-rated real estate agent a commission of 4%.
5. A large panoramic TV purchased to watch footy under the verandah that cost $10,500 in 2015, and sold for $2,000.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: