Cryptocurrency Lisa converted cryptocurrency into $27,200 Australian dollars in October 2019. To complete the transaction, she incurred $950 in transaction fees. Therefore, Lisa received $26,250 in cash. Lisa had acquired the cryptocurrency in September 2018 for $9,200 Australian dollars. Shares Lisa sold shares she held in a construction company in March 2020 for $182,000. She had purchased the shares for $37,200 in December 1986.Lisa has indicated that she has carried forward losses from prior years of $180,000 relating to a prior disposal of shares and land. A.1 Determine the taxable capital gain (loss) on the sale of the Cryptocurrency. Briefly justify your answer/show all workings A.2 Determine the capital gain on the sale of the Shares. Briefly justify your answer/show all workings.
Cryptocurrency Lisa converted cryptocurrency into $27,200 Australian dollars in October 2019. To complete the transaction, she incurred $950 in transaction fees. Therefore, Lisa received $26,250 in cash. Lisa had acquired the cryptocurrency in September 2018 for $9,200 Australian dollars. Shares Lisa sold shares she held in a construction company in March 2020 for $182,000. She had purchased the shares for $37,200 in December 1986.Lisa has indicated that she has carried forward losses from prior years of $180,000 relating to a prior disposal of shares and land. A.1 Determine the taxable capital gain (loss) on the sale of the Cryptocurrency. Briefly justify your answer/show all workings A.2 Determine the capital gain on the sale of the Shares. Briefly justify your answer/show all workings.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 13DQ
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Question
- Cryptocurrency
Lisa converted cryptocurrency into $27,200 Australian dollars in October
2019. To complete the transaction, she incurred $950 in transaction fees.
Therefore, Lisa received $26,250 in cash. Lisa had acquired the
cryptocurrency in September 2018 for $9,200 Australian dollars.
- Shares
Lisa sold shares she held in a construction company in March 2020 for
$182,000. She had purchased the shares for $37,200 in December 1986.Lisa has indicated that she has carried forward losses from prior years of
$180,000 relating to a prior disposal of shares and land.
A.1 Determine the taxable
Cryptocurrency. Briefly justify your answer/show all workings
A.2 Determine the capital gain on the sale of the Shares. Briefly justify your
answer/show all workings.
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