(d) Which of the following disposals are exempt from, and which are chargeable to, capital gains tax? (1) Gift of a necklace which was bought for £4,000. Its market value at the date of gift was £7,000. (2) Sale of shares in a quoted trading company for £2,000 which were bought for £1,000. (3) Sale of a motor car, for £5,000, which was used for business purposes. It was acquired for £6,000. (4) Sale of a boat for 20,000, which was acquired for £15,000. (5) Sale of a painting for £5,000, which was acquired for£ 1,000

(d) Which of the following disposals are exempt from, and which are chargeable to, capital gains tax? (1) Gift of a necklace which was bought for £4,000. Its market value at the date of gift was £7,000. (2) Sale of shares in a quoted trading company for £2,000 which were bought for £1,000. (3) Sale of a motor car, for £5,000, which was used for business purposes. It was acquired for £6,000. (4) Sale of a boat for 20,000, which was acquired for £15,000. (5) Sale of a painting for £5,000, which was acquired for£ 1,000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 35P

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