The Determination of Capital Gains | Assignment
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Added on 2020-04-01
The Determination of Capital Gains | Assignment
Added on 2020-04-01
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Running head: TAXATION LAWTaxation Theory, Practice & Law
1TAXATION LAWTable of ContentsQuestion 1..................................................................................................................................3Issue in Question........................................................................................................................3Rule applicable...........................................................................................................................3Analysis of Case.........................................................................................................................3Conclusion..................................................................................................................................4Question 2..................................................................................................................................4Issue in Question........................................................................................................................4Rule Applicable..........................................................................................................................4Analysis of the Case...................................................................................................................4Conclusion..................................................................................................................................5Question 3..................................................................................................................................6Issue in Question........................................................................................................................6Rules Applicable........................................................................................................................6Analysis of the Case...................................................................................................................6Conclusion..................................................................................................................................6Question 4:.................................................................................................................................7Question 5..................................................................................................................................7Issue in Question........................................................................................................................7Application:................................................................................................................................7Conclusion:................................................................................................................................8Reference....................................................................................................................................9
2TAXATION LAWQuestion 1Issue in Question The issue in question is determination of net capital gain or loss for Eric on the assetssold by him over the period of last 12 months. The determination of capital gains is governedby the provisions contained in Income Tax Assessment Act 1997. Rule applicableIn the current case, the provisions of section 108-20 of the ITAA 1997 dealing withcapital gains on business assets and the provisions of section 108-10 of ITAA 1997 dealingwith capital gain on personal assets will be applicable (CCH Australia Limited, 2011).Analysis of CaseApplying the provisions of the sections mentioned above, the computation of capitalgains/losses for Eric is given below:AssetsAntique VaseAntique ChairPainting Home Sound SystemShares in listedcompanyA. Cost of acquisition of the assets200030009000120005000B. Sale proceeds of the assets3000100010001100020000C. Capital gain or loss (B-A)1000-2000-8000-100015000Net capital gainsGain on shares15000Net capital lossGain on Antique Vase1000Loss on Antique Chair-2000Loss on Painting -8000
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