Topic 4 In Class Activity – Anita sold some Assets

Anita is a client of yours. To fund her career as an artist Anita sold some of her art collection by other artists. It consisted of: 

(a) An antique ceramic bowl purchased in February 1985 for $4,000. She sold the bowl on 1 December of the current tax year for $12,000. 

(b) A sculpture purchased in December 1993 for $5,500. She sold the sculpture on 1 January of the current tax year for $6,000. 

(c) A bronze figure purchased in October 1987 for $14,000. She sold the bronze figure on 20 March of the current tax year for $13,000. 

(d) A painting purchased in March 1987 for $470. She sold the painting on 1 July of the current tax year for $5,000.

Required: Calculate Anita’s net capital gain for the year