. 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 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 $1,500
. 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 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 $1,500
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 58P
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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 $25,000
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 $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
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