Alex is a musician who is also interested in collecting old golden gramophones
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Alex is a musician who is also interested in collecting old golden gramophones

Week 3 Question

Alex is a musician who is also interested in collecting old golden gramophones. He is not collecting these old golden gramophones for business purposes. On 20 February 2020, Alex sold one of these old golden gramophones for $3,000. The gramophone cost him $500 when he acquired it on 1 June 2000. With reference to the relevant legislation, discuss Alex’s net capital gain or net capital loss for the year ended 30 June.

Hint
Accounts and Finance Capital gains or losses arise from the sale or exchange of capital assets. Simply stated, Capital losses result when resultant transactions lead to figures that are lower than the original purchase value capital assets. Alternatively, capital gains occur when transactions net amounts greater than the original value at purchase. Capital gains & losses can either be sho...
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