Principles of Taxation - Ch 11 - CGT PDF

Preview

Summary

Questions and solutions from Principles of Taxation 2014/15....

Description

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsT ax

Pr i nci pl esofTaxat i onLaw 2015 Answer st oQuest i ons CHAPTER11–CAPI TALGAI NSTAX Quest i on11. 1 Ani t ai sacl i entofyour s .T of undherc ar eerasanar t i stAni t as ol dsomeofherar tc ol l ec t i onb yot herar t i s t s .I t consi st edof : ( a)Anant i quecer ami cbowlpur chas edi nFebr uar y1985f or$4, 000.Shes ol dt hebowlon1Decemberoft he cur r entt axy earf or$12, 000. ( b)A s cul pt ur epur c has edi nDec ember1993f or$5, 500.Shes ol dt hesc ul pt ur eon1Januar yoft hecur r ent t axyearf or$6, 000. ( c)A br onz efigur epur chasedi nOct ober1987f or$14, 000.Shes ol dt hebr onz efi gur eon20Mar choft he cur r entt axy earf or$13, 000. ( d)A pai nt i ngpur chasedi nMar c h1987f or$470.Shesol dt hepai nt i ngon1J ul yoft hecur r entt axy earf or $5, 000. Cons i dert heCGTc ons equencesoft heabov et r ansact i ons. Answer I ti snecess ar yt oc onsi dert hec api t alg ai nst axc ons equencesoft hes al eofAni t a’ sar tc ol l ect i on.Ther ei st he di s posalofCGTass et sandCGTev entA1happens :s10410( 1)ofI TAA97.I ti sneces sar yt odet er mi newhet her t heas set sar eCGTasset s ,col l ect abl esorper s onalus eass et s .Theas set sar econsi der edc ol l ec t abl esasdefined i ns10810( 2) .Deal i ngwi t heachass eti nt ur n: ( a) Ant i quecer ami cbowl :Ev ent hought hebowlwasacqui r edf ormor et han$500( meani nganygai nont hi s col l ect abl ei sas sess abl e) ,i twasacqui r edbef or e20Sept ember1985.Ther ef or et hegai nof$8, 000i s ex emptf r om CGT:s10410( 5) . ( b) Sc ul pt ur e:Thesc ul pt ur ewaspur chasedi nDecember1993andsol don1J anuar yoft hec ur r entyear .As t hesc ul pt ur ewasacqui r edf ormor et han$500andacqui r edaf t er20Sept ember1985,anygai nf r om t he CGTev entwi l lbeat ax abl ecapi t algai n.Ani t amayuset hei ndex at i onmet hodt odet er mi net hegai nor appl yt he50% CGTdi scount .I fs heusest hedi scountmet hodhercapi t algai ni s$500.The50% di sc ount canonl ybeappl i edaf t eranyl os sesar et ak eni nt oac count ,sot hatwi l lbedoneatal at erst age.I fs he usest hei ndex at i onmet hod,t hecapi t algai ni sdet er mi nedasf ol l ows : I ndexat i onfi gur ef orDecember1993=61. 2 I ndexat i onfi gur ef orSept ember1999=68. 7 Thi sgi v esani ndex at i onf act orof1. 123( r oundedt o3dec i mal pl ac es) . Thei ndex edc ostbas ei s$5, 500x1. 123=$6, 176 Asi ndex at i oncannotbeus edt ocr eat eac api t all os s,Ani t awi l lhav enei t heracapi t algai nnoracapi t al l ossusi ngt hei ndex at i onmet hod.Ani t acanusewhi chev ermet hodgi veshert hebes tr es ul t .Fort hi s ev ents hewi l lus ei ndex at i on. ( c) Br onz efi gur e:Thebr onz efi gur ewaspur chasedi nOct ober1987andsol di nMar choft hecur r enty ear . Ani t ahasac api t all os sof$1, 000ont hes al e.Ast hebr onz efigur ewass ol datal oss,t hec ostbase cannotbei ndex edt ot ak ei nt oaccounti nflat i on. ( d) Pai nt i ng:Thepai nt i ngwaspur c has edi nMar c h1987f or$470.Ther ef or e,t hegai nonsal ei sdi s r egar ded becauset hefir stel ementoft hecos tbasei sl esst han$500:s11810( 1) .Ani t ahasanetcapi t all ossof

1

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsTax

$1, 000.Ther ef or e,$1, 000maybecar r i edf or war dt obeoffsetagai nstanyc api t all os sf r om col l ect abl esi n f ut ur ey ear s. Quest i on11. 3 Ar et hef ol l owi ngCGTas set s,col l ect abl esorper s onaluseasset s: ( a) Anengagementr i ngwhi chcos t$5, 000? ( b) As econdhandc arpur c has edf or$2, 000? ( c) Shar esi nBHP? ( d) Yourhome ? ( e) Apai nt i nghungi nt hef o y erofy ourac count i ngfir m? ( f ) Ahol i dayhous eatBy r onBay?

Answer Ar et hef ol l owi ngCGTas set s,col l ect abl esorper s onaluseasset s ? ( a) anengagementr i ngwhi chc os t$5, 000–col l ect abl e:s10810( 2)ofI T AA97i ncl udesj ewel l er yi nt hedefini t i on. ( b) as econdhandc arpur c hasedf or$2, 000–i fi ti sf orper s onalus et hecarwi l lbeaper sonalus eass et :s10820( 2) .Howev er ,ac api t al gai norl ossmadef r om ac ari sex empt . ( c )s har esi nBHP–CGTasset . ( d) y ourhome–CGTas set .Howev er ,y ourhomemaybeex empti fi ti sy ourmai nr esi dence:Subdi v118B. ( e) apai nt i nghungi nt hef oy erofy ourac count i ngfir m –aCGTas set .I ti snotac ol l ec t abl easi ti snotusedor k eptmai nl yf ory ourper s onal us eorenj oyment . ( f ) ahol i dayhouseatBy r onBay–CGTas set . Quest i on11. 5 WhatCGTevent sappl yt ot hef ol l owi ngt r ansact i ons: ( a) Yousel ls har esi nBHPf or$5, 000. ( b) Your ecei ve$100, 000i nr et ur nf ors i gni ngat hr eey earcont r actt opl ayAFLwi t ht heBr i s baneLi ons. ( c) Yousel l yourhol i dayhomeatByr onBayf or$750, 000. ( d) Yous el ly ourhai r dr es si ngsal onf or$200, 000andr ecei veanaddi t i onal$20, 000f oragr eei ngnott oopen anot hers al onwi t hi na10km r adi usf ort henextt hr eey ear s. ( e) YoupayShel by$50, 000f ort heopt i ont opur c haseherhai r dr ess i ngs al oni nt hr eey ear s ’t i me. ( f )I nt hr eey ear s ’ t i mey ouex er c i set heopt i ont opur chas eShel by’ ssal onf or$300, 000. ( g) Yousel ladi amondr i ngf or$20, 000.Youpai d$12, 000f ort her i ngi n1984.

Answer WhatCGTevent sappl yt ot hef ol l owi ngt r ansact i ons: ( a) y ous el ls har esi nBHPf or$5, 000–Ev entA1t hedi s posalofaCGTasset .

2

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsTax

( b) y our ecei v e$100, 000i nr et ur nf orsi gni ngat hr eeyearc ont r actt opl ayAFLwi t ht heBr i s baneLi ons–Ev entD1 cr eat i ngacont r ac t ual r i ght . ( c )y ous el ly ourhol i dayhomeatByr onBayf or$750, 000–Ev entA1di s pos al ofaCGTass et . ( d) y ou sel ly ourhai r dr ess i ng s al onf or$200, 000 andr ec ei v e anaddi t i onal$20, 000 f oragr eei ngnott oopen anot hersal onwi t hi na10km r adi usf ort henex tt hr eey ear s–Ev entA1occur si nr el at i ont ot hesal eoft he busi nessasy ouhav edi s posedofaCGTas set .EventD1happensi nr el at i ont ot her est r ai ntoft r adecl auseas y ouhav ecr eat edac ont r act ualr i ghti nanot her . ( e) y oupayShel by$50, 000f ort heopt i ont opur c has eherhai r dr ess i ngsal oni nt hr eey ear st i me–Ev entD2 happensf orShel byasy ouhavegr ant edanopt i ont oShel by .Shewi l lhaveacapi t algai nof$50, 000. ( f ) i nt hr eey ear st i mey ouex er c i set heopt i ont opur chaseShel by ’ ssal onf or$300, 000–whenyouex er ci set he opt i on Ev entD2 i si gnor ed and Ev entA1 happens .Shel by’ sc api t alpr oceedsar e $350, 000 and t he fir st el ementofy ourc os tbasei s$350, 000. ( g) y ous el ladi amondr i ngf or$20, 000.Youpai d$12, 000f ort her i ngi n1984–Ev entA1.Howev er ,t hecapi t al gai nwi l lbedi sr egar dedast heas setwasacqui r edbef or e20Sept ember1985. Quest i on11. 6 Dav eSol omoni s59y ear sofageandi spl anni ngf orhi sr et i r ement .Fol l owi ngav i si tt ohi sfi nanci aladvi s eri n Mar choft hecur r entt axy ear ,Dav ewant st oc ont r i but ef undst ohi sper s onalsuper annuat i onf undbef or e30June oft hecur r entt axy ear .Hehasdeci dedt os el lt hemaj or i t yofhi sas set st or ai s et he$1, 000, 000.Het heni nt endst o r entaci t yapar t mentandwi t hdr awt ax f r eeamount sf r om hi sper sonals uper annuat i onacc ountonc ehet ur ns60i n Augus toft henexty ear .Dav ehaspr ov i dedy ouwi t ht hef ol l owi ngdet ai l soft heas set shehass ol d: ( a) At wos t or eyr es i denc eatStLuci ai nwhi c hhehasl i vedf ort hel as t30y ear s .Hepai d$70, 000t opur chase t he pr oper t yand r ecei v ed $850, 000 on 27 June oft he c ur r entt axy ear ,af t ert he r eales t at e agent deduct edcommi s si onsof$15, 000.Ther es i denc ewasor i gi nal l ys ol datauc t i onandt hebuy erpl acedan $85, 000deposi tont hepr oper t y .Unf or t unat el y ,t woweeksl at ert hebuy eri ndi cat edt hathedi dnothav e s uf fi ci entf undst opr oceedwi t ht hepur c hase,t her ebyf or f ei t i nghi sdeposi tt oDav eon1Mayoft hec ur r ent t axy ear .Ther eal est at eagent st hennegot i at edt hes al eoft her esi dencet oanot heri nt er es t edpar t y . ( b) A pai nt i ngbyPr oHar tt hathepur chasedon20Sept ember1985f or$15, 000.Thepai nt i ngwassol dat auct i onon31Mayoft hecur r entt axy earf or$125, 000. ( c) Al uxur ymot orc r ui s ert hathehasmoor edatt heManl yYac htcl ub.Hepur c hasedt heboati nl at e2004f or $110, 000.Hesol di ton1J uneoft hec ur r entt axy eart oal oc alboatbr ok erf or$60, 000. ( d) On5J uneoft hecur r entt axy earhes ol df or$80, 000apar c elofshar esi nanewl yl i st edmi ni ngc ompany . Hepur chasedt hes eshar eson10J anuar yoft hec ur r entt axyearf or$75, 000.Hebor r owed$70, 000t o f und t he pur chase oft hese s har esand i ncur r ed $5, 000 i ni nt er eston t he l oan.Heal sopai d $750i n br ok er ageont hesal eoft hes har esand$250i ns t ampdut yont hepur c has eoft hes es har es.Dav ehas cont act ed t he ATO and t heyhav e advi sed hi mt hatt he i nt er es ton t he l oan wi l lnotbe an al l owabl e deduct i onbecauset hes har esar enotgener at i nganyass essabl ei ncome. Dav ehasal s oi ndi cat edt hathi st ax at i onr et ur nf ort hey earended30J uneoft hepr evi ousy ears howsanet capi t al l os sof$10, 000f r om t hes al eofs har es.Theseshar eswer et heonl yas set shes ol di nt haty ear . ( a) Basedont hei nf or mat i onabove,det er mi neDav eSol omon’ snetcapi t al gai nornetc api t al l ossf ort hey ear ended30J uneoft hec ur r entt axy ear . ( b) I fDav ehasanetc api t algai n,whatdoeshedowi t ht hi samount ? ( c) I fDav ehasanetcapi t all os s,whatdoeshedowi t ht hi samount ?

3

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsTax

4

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsTax

Answer Dav e’ sCGTgai nsandl os sesar ec al cul at edasf ol l ows : Resi denceatStLuci a Sal epr oc eeds Costbase El ement1 El ement2 Capi t al Gai n

For f ei t edDeposi t Sal epr oc eeds Costbase El ement1 Capi t al Gai n Pr oHar tPai nt i ng Sal ePr oceeds Costbase El ement1 Capi t al Gai n Capi t al Gai n Pr oHar tPai nt i ng Sal ePr oceeds Costbase El ement1 Capi t al Gai n Luxur yMot orCr ui ser Sal ePr oceeds CostBase El ement1 Capi t al Loss

865, 000 85, 000 70, 000 15, 000 780, 000

CGTEv entA1 I ncl udes$15, 000c ommi s si ons As setac qui r edbef or e15Sept1985 AgentCommi s si ons Di s r egar danygai n:s10410( 5) Mai nr esi dence ex empt i on wi l lal so di sr egar d gai n

CGTev entH1buts104150notappl i ed 55, 000 Deemedpar tofsal eofpr oc eedsofr esi dence: s118110( 2) ( b) Under l yi ngassetac qui r edpr i ort oCGT - Ref ert oRul i ngTR1999/ 19 - Di sr egar danygai n:s10410( 5) CGTEv entA1 125, 000 As seti snotex empt Ac qui r edaf t er20/ 9/ 85 15, 000 col l ect i bl e:s10810( 2)t hatcos tmor et han$500 110, 000 Gai ni snotex empt .Subj ec tt o50% di s count 55, 000 Choosedi sc ountmet hodasl owergai n CGTEv entA1 125, 000 Ac qui r edbef or e1999s oi ndex at i onmayappl y 25, 965 I ndex at i onf ac t or=68. 7/ 39. 7=1. 731 99, 035 Gai ni snotex empt :s11810 CGTEv entA1 60, 000 Per sonal useass et Ac qui r edf ormor et han$10, 000 110, 000 50, 000 Lossi sdi sr egar ded:s10820

Shar es–Mi ni ngCompany Sal ePr oceeds CostBase El ement1 El ement2 El ement3 Capi t al Gai n

CGTEv entA1 80, 000 76, 000 75, 000 1, 000 Br ok er ageands t ampdut y 5, 000 -

Shar es–Mi ni ngCompany Sal ePr oceeds CostBase El ement1 El ement2 El ement3 Capi t al Loss

CGTEv entA1 80, 000 76, 000 75, 000 1, 000 - Noel ement3i nr educedc ostbase. - MakesNei t heracapi t algai nnoracapi t all oss. Sal e pr oceeds f al lbet ween cost base and r educ edc os tbase.

5

Pr i nci pl esofTax at i onQ&A–Capi t al Gai nsTax

( a) Appl yst epsf r om s1025t ocal c ul at enetasses sabl egai n: 1. Gai nsf r om Ev ent s1,2and5canbedi sr egar ded. 2. Los sf r om Ev ent4i sdi sr egar ded. 3. Reducedgai nsbyc ur r enty earl oss es–noneavai l abl e. Reducedgai nsbypr i ory earl oss es : $ Netcapi t al gai n:Ev ent3 110, 000 Appl ypr i ory earl oss es 10, 000 Netgai n:Ev ent3 100, 000 4. Netgai nsf r om as set ss ubj ectt o50% di scount : 50% di scount :50, 000 Netgai nsaf t erdi sc ount :50, 000 5. Netas sess abl egai n–s1025:$50, 000 ( b) Ret ur nnetass essabl egai nasas sess abl ei ncomeont hec ur r entt axr et ur n:s1025ors10055. ( c) I fDav ehadanetcapi t all oss ,t hi swoul dbecar r i edf or war dt ot henextyear ’ st axr et ur n.

Quest i on11. 7 Yourcl i enti sani nvest orandant i quecol l ec t or .Youhav eas cer t ai nedt hatshei snotc ar r y i ngonabus i ness.Your cl i entpr ovi dest he f ol l owi ng i nf or mat i on ofs al esofv ar i ousas set sdur i ng t he cur r entt axy ear .Based on t hi s i nf or mat i on,det er mi ney ourcl i ent ’ snetcapi t algai nornetcapi t all ossf ort hey earended30Juneoft hecur r entt ax y ear . ( a) Bl ockofvacantl and.On3J uneoft hec ur r entt axyeary ourcl i ents i gnedacont r actt osel labl oc kof v acantl andf or$320, 000.Sheacqui r edt hi sl andi nJanuar y2001f or$100, 000andi nc ur r ed$20, 000i n l ocalc ounci l ,wat erandsewer ager at esandl andt ax esdur i ngherper i odofowner shi poft hel and.The cont r actofsal est i pul at est hatadeposi tof$20, 000i spay abl et oherwhent hec ont r ac tofs al ei ssi gned andt he bal anc ei spay abl eon3J anuar yoft he nextt axy ear ,whent he c hangeofowner s hi p wi l lbe r egi st er ed. ( b) Ant i quebed.On12Nov emberoft hec ur r entt axy eary ourc l i enthadanant i quef our pos t erLoui sXI V bedst ol enf r om herhous e.Sher ecent l yhadt hebedv al uedf ori nsur anc epur pos esandt hemar k etv al ue at31Oct oberoft hecur r entt axy earwas$25, 000.Shepur c has edt hebedf or$3, 500on21J ul y1986. Al t hought hef ur ni t ur ewasi nv er ygoodcondi t i on,t hebedneededal t er at i onst oal l owf ort hei nst al l at i onof ani nner s pr i ngmat t r es s.Theseal t er at i onssi gni ficant l yi nc r eas edt heval ueoft hebed,andcost$1, 500. Shepai df ort heal t er at i onson29Oc t ober1986.On13Nov emberoft hec ur r entt axy earshel odgeda cl ai m wi t hheri nsur anc ecompanys eeki ngt or ecoverherl oss.On16J anuar yoft hec ur r entt axyearher i ns ur ance c ompanyadv i sedhert hatt heant i que bedhad notbeenas peci fied i t em on heri nsur anc e pol i c y .Ther ef or e,t he max i mum amountshe woul d be pai d underherhousehol d cont ent spol i c ywas $11, 000.Thi samountwaspai dt oheron21J anuar yoft hec ur r entt axy ear . ( c) Pai nt i ng.Yourcl i entac qui r edapai nt i ngbyawel l knownAust r al i anar t i s ton2May1985f or$2, 000.The pai nt i nghadsi gni fic ant l yr i seni nv al ueduet ot hedeat hoft hear t i s t .Shes ol dt hepai nt i ngf or$125, 000at anar tauc t i onon3Apr i loft hecur r entt axy ear .

6

Pr i nci pl esofT ax at i onQ&A–Capi t al Gai nsTax

( d) Shar es.Yourc l i enthasasubst ant i alshar epor t f ol i owhi chshehasac qui r edovermanyy ear s.Shes ol d t hef ol l owi ngshar esi nt her el ev anty earofi ncome: ( i ) 1, 000CommonBankLt ds har esacqui r edi n2001f or$15pershar eandsol don4Jul yoft hec ur r ent t axy earf or$47pers har e.Shei ncur r ed$550i nbr ok er agef eesont hesal eand$750i ns t ampdut y c os t sonpur chas e. ( i i ) 2, 500shar esi nPHB I r onOr eLt d.Thes eshar eswer eal s oacqui r edi n2001f or$12pershar eand s ol don14Febr uar yoft hec ur r entt axy earf or$25pershar e.Shei ncur r ed$1, 000i nbr ok er agef ees ont hesal eand$1, 500i ns t ampdut yc ost sonpur chase ( i i i )1, 200s har esi nYoungKi dsLear ni ngLt d.Thes eshar eswer eac qui r edi n2005f or$5pershar eand s ol don14Febr uar yoft hec ur r entt axy earf or$0. 50pers har e.Shei nc ur r ed$100i nbr ok er agef ees ont hesal eand$500i ns t ampdut ycost sonpur chase. ( i v )10, 000s har esi nShar eBui l dLt d.Theses har eswer eacqui r edon5Jul yoft hec ur r entt axy earf or$1 pershar eandsol don22Januar yoft hecur r entt axy earf or$2. 50pers har e.Shei ncur r ed$900i n br ok er agef eesont hesal eand$1, 100i ns t ampdut ycos t sonpur c has e. ( e) Vi ol i n.Yourc l i ental s ohasani nt er esti ncol l ect i ngmus i cali nst r ument s .Shepl ayst hev i ol i nv er ywel land hass ev er alvi ol i nsi nhercol l ect i on,al lofwhi chs hepl aysonar egul arbas i s.On1Mayoft hecur r entt ax y ears he s ol d one oft hes ev i ol i ns f or$12, 000 t o nei ghbourwho i si nt he Queens l and Sy mphony Or chest r a.Thevi ol i ncos ther$5, 500whensheacqui r edi ton1J une1999. Yourc l i ental s ohasat ot alof$8, 500i nc api t all oss esc ar r i edf or war df r om t hepr evi oust axy ear ,$1, 500of whi c har eat t r i but abl et oal ossont hes al eofapi eceofs cul pt ur ewhi c hshesol di nApr i loft hepr ev i ousy ear .

Answer ( a) Bl ockofvacantl and:  CGTEv entA1oc cur swhent hecont r ac ti ssi gnedon3June:s10410.Thef actt hatonl y$20, 000of t het ot als al epr i c ei spai di nt hi st axy eari si r r el ev ant .  Thel andi saCGTass et :s1085.  Cos tbas eofl and=$100, 000+20, 000=$120, 000.  Counc i l ,wat erandsewer ager at es+l andt ax esar enotdeduc t i bl eexpensesasnoi nc omei sder i v ed f r om t hel and.I ncl udedi nel ement3ofc ostbas easassetacqui r edaf t er20August1991:s11025( 4) .  Acapi t al gai nexi st sassal epr oceeds>costbase.  Gai n=$320, 000–$120, 000=$200, 000.  Gai ni sanel i gi bl edi sc ountc api t al gai n:Subdi v115A. ( b) Ant i quebed:  CGTEv entC1oc cur swhent heant i quebedwasst ol en.  Thet i mi ngoft heev enti swhent hei nsur ancepr oc eedswer er ecei v edon21J anuar y:s10420.  Theant i quebedi sac ol l ect abl e:s10810 o Anygai nsorl os sesar enotdi sr egar dedasacqui si t i oncos t>$500:s118110( 1) .  Thec ostbaseoft hebed=$3, 500+$1, 500=$5, 000 o Al t er at i onsar ei ncl udedi nel ement4ofcostbase:s11025( 5) .  I ndex at i onappl i est ot hecos tbaseast hebedwaspur c has edbef or e21Sept ember1999:s1141 o I ndexnumberwhenas setpur c has ed=43. 2( Sept emberquar t er1986) ; o I ndexnumberwhenal t er at i onsmade=44. 4( Dec emberquar t er1986) ; o I ndexnumberwhenas seti ss t ol en=68. 7( I ndexnumberf ort hequar t erendi ngon30 Sept ember1999) :s960275; o I ndex at i onf act or s: 68. 7÷43. 2=1. 590[ 3deci mal pl aces :s960275( 5) ] 68. 7÷44. 4=1. 547[ 3deci mal pl aces :s960275( 5) ] o I ndex edc os tbase:$7, 884

7

Pr i nci pl esofT ax at i onQ&A–Capi t al Gai nsTax





El ement1=$3, 500×1. 590=$5, 565 El ement4=$1, 500x1. 547=$2, 321 Acapi t al gai nexi st sassal epr oceeds>costbase o Gai n=$11, 000–5, 000=$6, 000 o Gai ni sanel i gi bl edi scountcapi t algai n:Subdi v115A Acapi t al gai nexi st sasSal ePr oc eeds>I ndex edCostBase o Gai n=$11, 000–7, 886=$3, 114.

( c)Pai nt i ng:  CGTEv entA1oc cur swhent hepai nt i ngwass ol don3Apr i l :s10410.  Thepai nt i ngi sar t wor kandt her ef or eac ol l ect abl e:s10810.  Thepai nt i ngwasacqui r edon2May1985.Thi si spr i ort ot hec ommenc ementofCGT.Anygai ni s t her ef or edi sr egar ded:s10410( 5) . ( d) Sal esofshar es:  1, 000shar ei nCommonBank : o Theshar esar eaCGTasset :s1085 o CGTEventA1oc cur swhent heshar esar es ol don4J ul y :s10410 o I ndex at i ondoesnotappl yt ot hecostbaseass har eswer epur c has edaf t er21Sept ember1999: s1141. o Costbase=$16, 300 El ement1=$15. 00X1, 000=$15, 000 El ement2( s t ampdut y )=$750 El ement2( br ok er age)=$550 o Sal epr oceeds=$47. 00x1, 000=$47, 000 o Capi t al gai n=sal epr oc eeds–c os tbase o Capi t al Gai n=$47, 000–$16, 300=$30, 700 o Thedi scountcapi t algai n( 50% di scount )al s oappl i est ot hi sCGTev ent :s11525. 

2, 500shar esi nPHBI r onOr eLt d: o Theshar esar eaCGTasset :s1085. o CGTEventA1oc cur swhent heshar esar es ol don14Febr uar y :s10410. o I ndex at i ondoesnotappl yt ot hecostbaseass har eswer epur c has edaf t er21Sept ember1999: s1141. o Costbase=$32, 500: El ement1=$12. 00X2, 500=$30, 000 El ement2( s t ampdut y )=$1, 500 El ement2( br ok er age)=$1, 000 o Sal epr oceeds=$25. 00x2, 500=$62, 500. o Capi t al gai n=sal epr oc eeds–c os tbase. o Capi t al gai n=$62, 500–$32, 500=$30, 000. o Thedi scountcapi t algai n( 50% di scount )al s oappl i est ot hi sCGTev ent :s11525.



1, 200shar esi nYoungKi dsLear ni ngLt d: o Theshar esar eaCGTasset :s1085. o CGTEventA1oc cur swhent heshar esar es ol don14Febr uar y :s10410. o I nde...