Question:
Case marks
During the income year, Frank Diego, sold various assets that realized capital gains and losses as follows:
tableItemsAmount $Loss on sale of motor vehicle,Gain on sale of yacht cost base not indexedGain on sale of antique crockery indexed cost baseLoss on sale of jewelry,Gain on sale of land held as an investment cost base not indexedGain on sale of family home cost base not indexedLoss on sale of shares,Gain on sale of rental property indexed cost baseGain on sale of rare comic book collection cost base not indexedCapital loss from a previous year from the sale of shares,
In each case above, the asset has been held by Frank for more than months and the relevant minimum cost thresholds have been exceeded.
Required:
Calculate the minimum net capital gain that Frank is required to include as assessable income for the income year by referencing to the relevant tax law.
