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Distinguish any CGT issues on Grundnorm's case.

Title: Distinguish any CGT issues on Grundnorm's case.
Category: /History/Middle East History
Details: Words: 1619 | Pages: 6 (approximately 235 words/page)
Distinguish any CGT issues on Grundnorm's case.
Question on Capital Gains Tax Due Week 11: Effect of death: s 128: Death is generally not a CGT event (s 128). There is an exception under CGT event K3 s 104-215 that covers leaving assets to exempt entities as defined in s 995-1. In this case, Grundnorm's uncle died and left him a property consisting of a house and 10 hectares of land and some collectables and a yacht. There was no evidence to show that Grundnorm was …showed first 75 words of 1619 total…
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…showed last 75 words of 1619 total…Sales proceed of the property(including the compensation) $2,050,000 Cost base Acquisition cost--House: $200,000 ---Land: $600,000 Incidental cost---solicitor fee: $20,000 Capital enhancement cost---Demolish: $40,000 ---Build Units: $400,000 Total cost base $1,260,000 Capital gain $790,000 Watch: Sales proceed $2,000 Reduced cost base $15,000 Capital loss $13,000 (can be used only to reduce capital gains from earrings: s 108-10, thus, the net capital loss was $12,500). Earrings: Market value $1,500 Cost base $1,000 Capital gain $500 Yacht: Market value $40,000 Reduce cost base $50,000 Capital loss $10,000 (can be disregarded: s108-20) Net Capital gain= 790,000*50%= $395,000

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