Jason, an Australian resident for tax purposes, has carried forward ordinary capital losses from the...
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Jason, an Australian resident for tax purposes, has carried forward ordinary capital losses from the year ended 30 June 2017 of $8,000 and carried forward collectable losses of $4,000 from the year ended 30 June 2016. On 22 October 2019 he sold land for $76,000 that he purchased on 7 March 2014 for $44,000. He also sold an antique on 12 February 2020 for $3,000 that he purchased for $800 on 8 December 2008.
What is his net capital gain or loss for the year ended 30 June 2020? How are gains or losses treated with respect to taxable income. Use the above data to explain the treatment of different classes of gains and losses.
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