Your client Helen wants to fund her business as a fashion designer
Question 1
Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets as follows:
1- An antique impressionism painting Helen’s father bought in February 1985 for $4,000. Helen sold the painting on 1 December 2018 for $12,000.
2- Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on December 1993 for $5,500.
3- An antique jewellery piece purchased in October 1987 for $14,000. Helen sold the antique jewellery piece on 20 March 2018 for $13,000.
4- Helen sold a picture for $5,000 on 1 July 2018. Her mother purchased the picture in March 1987 for $470.
Advise the Capital Gain Tax consequences of the above transactions.
Hint
Accounts & Finance 1)Purchasing Price = 4000 $ Selling Price = 12000 $ Capital Gain Tax =? "Capital Gain = Selling Price – Purchasing Price For calculating capital gain tax If your taxable income is in between 0 to 9525 then your Tax Bracket is 10% (Moneychimp.com, 2019) "...
Purchasing Price = 4000 $ Selling Price = 12000 $ Capital Gain Tax =? "Capital Gain = Selling Price – Purchasing Price For calculating capital gain tax If your taxable income is in between 0 to 9525 then your Tax Bracket is 10% (Moneychimp.com, 2019) "
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