Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he subsequently let out to tenants until 15 October 2015. Due to personal circumstances, Raymond decided to personally use the flat from 16 October 2015. Raymond eventually sold the flat for $510,000 on 15 March 2020. Calculate the capital gain (if any) for the disposal of Graham Taylor's flat during the 2019/20 tax year.
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- On 6th April 2020, Tilda sold a freehold warehouse (BUILDING 2) for £265,000 which she had purchased on 10th March 2004 for £140,000. In the tax year 2004/5, Tilda made a claim to rollover the maximum possible gain into the base cost of BUILDING 2. This was after she sold an old office freehold (BUILDING 1) for £150,000 on 15th April 2004, (Tilda had acquired this building on 20th September 2000 for £120,000). Both buildings have always been used entirely for business purposes in the wholesale business Tilda runs as a sole trader. • Required: Calculate the net chargeable gain Tilda will be taxed on in 2020/21, on the disposal of BUILDING 2, assuming Tilda makes no other capital disposals in the tax year.On 1 July 2000, Genevieve purchased a property in Sydney for $300,000 Her intention was to use it for income producing purposes and it was Immediately made available for rent. It remained available for rent until it was sold. She sold the property on 31 December 2019 for $600,000. Required: Based on this information, calculate the Net Capital Gain, if any, to be included in Genevieve's assessable income for year ending 30 June 2020Cavan Biggio sold his condo in Victoria in 2020 for a capital gain of $557,000. He originally purchased the condo in 1,998. In 2017 he sold his chalet in Whistler that he had purchased in 2,005 and used enough years to completely exempt the gain. What is the minimum taxable capital gain that Cavan will report in his 2020 year after he claims whatever exemption is left. Enter your answer in whole numbers, do not use dollar signs or commas.
- In October 2019, Old MacDonald sold some farm cottages for $90,000 and incurred legal fees of $1,200. The cottages were originally acquired in October 1999 for $40,500. Calculate the capital gain or loss that Old MacDonald must include in his income tax return for the year ended 30 June 2020 assuming he has no other capital gains for the year and no carried forward losses. a. $24,150 b. $49,500 c. $24,750 d. $01. Calculate Property Income and Capital Gains for 2021 as well as any CCA calculations in Canada. Mr Jones sold his home in Vancouver which he bought for $255 000 in 2019. The house sold for $350 800. The legal fees for the sale were $1000. Mr Jones does not designate this property as his principal residence in any of the years he owned the property.On 1 July 2019 Mary acquired a little boat for $12343. It was for her personal use. Mary borrowed $12,000 of the money from XYZ Bank. The loan was a fixed interest loan on which Mary paid interest of $2,000. Mary sold the boat in September 2019 for $18526. Required: Calculate Mary's Net Capital Gain or Loss for the 2020 tax year.
- C1) On 6th April 2020, Tilda sold a freehold warehouse (BUILDING 2) for £265,000 which she had purchased on 10th March 2004 for £140,000. In the tax year 2004/5, Tilda made a claim to rollover the maximum possible gain into the base cost of BUILDING 2. This was after she sold an old office freehold (BUILDING 1) for £150,000 on 15th April 2004, (Tilda had acquired this building on 20th September 2000 for £120,000). Both buildings have always been used entirely for business purposes in the wholesale business Tilda runs as a sole trader. Required: Calculate the net chargeable gain Tilda will be taxed on in 2020/21, on the disposal of BUILDING 2, assuming Tilda makes no other capital disposals in the tax year. C2) The UK tax gap in 2021 was £35billion or 5.6% of total tax liability. Required: Identify two factors that contribute to the gross UK tax gap and explain two tax policy/administrative approaches the UK government takes to mitigate the impact and to collect the tax not…Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was:John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000. John's remaining mortgage on the building was $150,000. The buyer paid $650,000 and assumed the remainig debt on the building. John had taken $100,000 depreciation on the building. Calculate: a Adjusted basis in the building b Any realized gain or loss on the building
- Ms. Jennie Smith owns a house in Ottawa. She purchased the house in 2002 for $122000. In June 2019, she sold the house for $220000 and designated the house as a principal residence for 5 years. Determine the minimum taxable capital gain that she must report on the 2019 sale of the house, after considering the principal residence exemption. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer: AnswerGilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? O a. $280.000 long-term capital gain Ob. $70,000 long-term capital gain No gain or loss d. $30,000 long-term capital gain $300,000 long-term capital gain DC. e.gostino purchased five crypto coins for $1,300 in October of 2021. He sold two of the coins for $650 in May of 2022. He later sold the remaining three coins for $695 in September of 2022. What is his net gain or loss on the coins? $85 short-term loss. $45 short-term gain. $130 short-term gain. $145 short-term gain.