Jackie is currently in need of cash and plans to sell some of his capital assets. Which of the following would be subject to the capital gains tax if sold?
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Jackie is currently in need of cash and plans to sell some of his capital assets.
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- Janine is currently in need of cash and plans to sell some of his capital assets. Which of the following would be subject to the capital gains tax if sold? a. ornamental plants b. patent c. grazing field d. smartphoneLuke is currently facing some financial difficulties, however, Luke owned land and building valued at $12 million dollars. Lorna, a good friend and skilled investment analyst is advising Luke to sell his house and invest the money otherwise e.g. in securities. This means he would be much wealthier taking such an action. Before taking the decision to sell his property and to start living in a rented house , Luke has decided to consult with you to present to him, strong arguments to support the idea of selling his property. Required Give Luke your advice from an investment perspective. N.b just 5 salient points explained nothing else.Luke is currently facing some financial difficulties, however, Luke owned land and building valued at $12 million dollars. Lorna, a good friend and skilled investment analyst is advising Luke to sell his house and invest the money otherwise e.g. in securities. This means he would be much wealthier taking such an action. Before taking the decision to sell his property and to start living in a rented house , Luke has decided to consult with you to present to him, strong arguments to support the idea of selling his property. Required Give Luke your advice from an investment perspective.
- Janice acquired bitcoin in 2018 and 2020. This year, she used a portion of her bitcoin holdings to acquire 100 Litecoin. What are the tax implications of this transaction? What do you recommend Janice do to help track her acquisition and use of virtual currency (in order to have records readily available about these investments and their tax consequences)?1 Jamie plans to transfer a piece of equipment which is capital property to him, to a corporation he owns. The equipment has an Adjusted Cost Base (ACB) of $90,000, a Undepreciated Capital Cost (UCC) balance of $60,000 and a Fair Market Value (FMV) of $70,000. Jamie has $10,000 in taxable capital losses that he is concerned he won't be able to use in the future. What would you recommend to Jamie as an elected amount if he wants to defer as much tax as he can and use the losses?Maria has extra money, and she is planning to buy certain income-earning assets to help her earn more. However, she wants to make sure that when she needs the money she temporarily invested, she will be able to get a part or whole of it immediately. What would you advise Maria to invest on?
- Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. 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 Capital Gain Tax Consequences for the above transactions,Marlo and Merlins son, Alex, needs 20,000 to start a business. They have 30,000 in securities that they can use to give him the capital he needs. Pertinent information regarding the securities is given below: Marlo and Merlin are in the 28 percent marginal tax rate bracket; Alex is in the 15 percent marginal tax rate bracket. Neither Marlo, Merlin, nor Alex has any other capital asset transactions during the year. Alexs basis in any of the securities gifted to him will be the lesser of his parents basis or the fair market value of the security. Discuss the tax effects of alternate methods of transferring 20,000 to Alex, and devise an optimal plan for making the transfer.