Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 2. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 3. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1500 Q. Identification and analysis of legal issues / legal question and relevant taxation law for each case and Accurate conclusions are reached from each case. Q. Identification of material facts on regard to each case

Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 2. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 3. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1500 Q. Identification and analysis of legal issues / legal question and relevant taxation law for each case and Accurate conclusions are reached from each case. Q. Identification of material facts on regard to each case

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter16: Property Transactions: Capital Gains And Losses

Section: Chapter Questions

Problem 22P

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Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 20183. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500. Please calculate CGT on both Index method and Discount method and recommend which one is better with reference to Australian Tax Law. Advise the Capital Gain Tax Consequences for the above transactions,
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. AntiquePaintingthatwasgiventoTarynbyherfather5yearsago.Taryn’sfatherboughtiton20August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000 2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000 3. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 5. Tarynsoldasculpturefor$6,000on1January2020,sheboughtitonDecember1994for$1,500
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. AntiquePaintingthatwasgiventoTarynbyherfather5yearsago.Taryn’sfatherboughtiton20August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000 2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000 3. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 5. Tarynsoldasculpturefor$6,000on1January2020,sheboughtitonDecember1994for$1,500 Advise the Capital Gain Tax Consequences for the above transactions,
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. AntiquePaintingthatwasgiventoTarynbyherfather5yearsago.Taryn’sfatherboughtiton20August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000 2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000 3. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 5. Tarynsoldasculpturefor$6,000on1January2020,sheboughtitonDecember1994for$1,500 Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question QUESTION 2: Capital gain tax consequences Weighting Identification of material…
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. AntiquePaintingthatwasgiventoTarynbyherfather5yearsago.Taryn’sfatherboughtiton20August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000 2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000 3. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 2018 5. Tarynsoldasculpturefor$6,000on1January2020,sheboughtitonDecember1994for$1,500 Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of thefollowing assets:1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’stJanuary 2015 for the amount of $20,0003. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought itsecond hand on 10’th October 2018 for $350.4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August20185. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994Advise the Capital Gain Tax Consequences for the above transactions
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of thefollowing assets:1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’stJanuary 2015 for the amount of $20,0003. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought itsecond hand on 10’th October 2018 for $350.4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August20185. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1500 Q. Identification and analysis of legal issues / legal question and relevant taxation law for each case and Accurate conclusions are reached from each case. QThorough application of ITAA 1997 to material facts.
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of thefollowing assets:1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’stJanuary 2015 for the amount of $20,0003. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought itsecond hand on 10’th October 2018 for $350.4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August20185. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the questionQUESTION 2: Capital gain tax consequences WeightingIdentification of material…
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:1. AntiquePaintingthatwasgiventoTarynbyherfather5yearsago.Taryn’sfatherboughtiton20August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,0003. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350.4. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 20185. Tarynsoldasculpturefor$6,000on1January2020,sheboughtitonDecember1994for$1,500Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the questiondentification of material facts on regard to each case Identification and analysis of legal issues / legal…
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1.Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,000 2.Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,000 3.Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350. 4.Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 20185.Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 Advise the Capital Gain Tax Consequences forthe above transactions,
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn's father bought it on 20 August 1984 for $2,500. Taryn sold it on 1'st June 2020 for $25,000 2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20'th May 2020, she bought on 1'st January 2015 for the amount of $20,000 3. Taryn sold her Harry Potter's collection for the amount of $1,500 on 4'th January 2020, she bought it second hand on 10'th October 2018 for $350. 4. Taryn sold her gold necklace for $2,000 on 20'th March 2020, she bought it for $1,200 on 8'th August 2018 5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question
Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:1.Antique Painting that was given to Taryn by her father 5 years ago. Taryn’s father bought it on 20 August 1984 for $2,500. Taryn sold it on 1’st June 2020 for $25,0002.Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20’th May 2020, she bought on 1’st January 2015 for the amount of $20,0003.Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought it second hand on 10’th October 2018 for $350.4.Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August 20185.Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994