During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a 'capital losses of $5,000 on the sale of her apartment, and she has a 'net capital loss' carried forward from the previous year of $6,500. A) What is Jessy's net capital gain for 2020/2021? Show working. B) How much should be included in her assessable income under s102-5.

During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares in a companyand a $5,000 capital gain on the sale of her units in a trust. Assume either of these gains is a discount capital gain or eligible for the small business concessions. She also made a 'capital losses of $5,000 on the sale of her apartment, and she has a 'net capital loss' carried forward from the previous year of $6,500. A) What is Jessy's net capital gain for 2020/2021? Show working. B) How much should be included in her assessable income under s102-5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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