QUESTION 3 FOR TEAM 3 In November 1998, Kim purchased a flat for $420,000 and a painting for $16,500 and 2,000 shares in BHP for $24 per share The following events all occurred during 1015/2016 tax year for Kim: (a) 1/8/2015, Kim sold the flat for $600,000 (b) The painting was stolen on 15/9/2015. It was not insured by Kim (c) 18/9/2015, Kim sold all of 2000 BHP shares for $39.75 per share, paid $0.75 per share for brokerage. Advise Kim the implication of the above transactions that occurred during the 2015/2016 tax year, and the tax consequences of the above.
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