Your client is an investor and antique collector. You have ascertained that she is not carrying on a business. Your client provides the following information of sales of various assets during the current tax year. Based on this information, determine your client’s net capital gain or net capital loss for the year ended 30 June of the current tax year. Antique bed. On 12 November of the current tax year your client had an antique four-poster Louis XIV bed stolen from her house. She recently had the bed valued for insurance purposes and the market value at 31 October of the current tax year was $25,000. She purchased the bed for $3,500 on 21 July 1986. Although the furniture was in very good condition, the bed needed alterations to allow for the installation of an innerspring mattress. These alterations significantly increased the value of the bed, and cost $1,500. She paid for the alterations on 29 October 1986. On 13 November of the current tax year she lodged a claim with her insurance company seeking to recover her loss. On 16 January of the current tax year her insurance company advised her that the antique bed had not been a specified item on her insurance policy. Therefore, the maximum amount she would be paid under her household contents policy was $11,000. This amount was paid to her on 21 January of the current tax year.中文回答

An asset's book value is $72,000 on January 1, Year 6. The asset is being depreciated $1,000 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $52,000, the company should record:Multiple ChoiceNeither a gain or loss is recognized on this type of transaction.A gain on sale of $2,000.A gain on sale of $1,000.A loss on sale of $1,000.A loss on sale of $2,000.

An entity purchased property for $6 million on 1 July 20X3. The land element of the purchase was $1 million. The expected life of the building was 50 years and its residual value nil. On 30 June 20X5 the property was revalued to $7 million, of which the land element was $1.24 million and the buildings $5.76 million. On 30 June 20X7, the property was sold for $6.8 million. What is the gain on disposal of the property that would be reported in the statement of profit or loss for the year to 30 June 20X7? A Gain $40,000 B Loss $200,000 C Gain $1,000,000 D Gain $1,240,000

Leeanda is 56 years old. During the current year she sold her property. The taxable capital gain was correctly calculated to be R148 236. This taxable capital gain will be included in:a.Taxable incomeb.Net incomec.Incomed.Gross incomeClear my choice

Ralph gave his aunt an antique clock in 2022. He had purchased the clock for $15,000. The fair market value at the date of the transfer was $22,000. What amount should be recorded on Form 709 as the value of this gift?a.00b.$6,000c.$22,000d.$15,000

13. Smithson Co purchased a new building with a 50‐year life for $10 million on 1 January 20X3. On 30 June 20X5, Smithson Co moved out of the building and rented it out to third parties on a short‐term lease. Smithson Co uses the fair value model for investment properties. At 30 June 20X5 the fair value of the property was $11 million and at 31 December 20X5 it was $11.5 million. What is the total net amount to be recorded in the statement of profit or loss in respect of the office for the year ended 31 December 20X5? A Net income $400,000 B Net income $500,000 C Net income $1,900,000 D Net income $2,000,000 14. On 1 October 20X3, Hoy had $2.5 million of equity shares of 50 cents each in issue. No new shares were issued during the year ended 30 September 20X4, but on that date there were outstanding share options to purchase 2 million equity shares at $1.20 each. The average market value of Hoy’s equity shares during the year was $3 per share. Hoy’s profit after tax for the year ended 30 September 20X4 was $1,550,000. What is Hoy’s diluted earnings per share for the year ended 30 September 20X4? A 25.0¢ B 31.0¢ C 26.7¢ D 22.1¢