Betty Bottleneck, an Australian tax resident, ceased to be an Australian tax resident on 30 June 2011. At that time, she owned the following assets:
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Acquisition date
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Arm's-length cost
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Market value
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$
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$
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1.
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Wine collection (to drink)
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June 2006
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8,000
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80,000
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2.
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Rental apartment in Sydney
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July 2008
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500,000
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600,000
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3.
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Rental apartment in New Zealand
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August 1984
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450,000
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500,000
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4.
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Shares in listed company
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August 2010
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200,000
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260,000
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(1% shareholding)
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5.
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Stamp collection
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March 2005
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150,000
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110,000
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Required
Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios assuming that no election is made. Cite the section reference(s) (apart from simply stating ‘section 104-160') which address(es) the relevant technical issue(s) - where relevant, you must identify specific provisions/subsections/paragraphs/items etc.