Problem
In September 2021, Dan sold: (i) his postage stamp collection for $700 - he had bought this at a online market 24 months ago for $25,000. (ii) a set of rare soccer gear kit for $4,000 - this had been bought only 3 months ago for $500. (iii) BHP shares for $25,000 - Dan had inherited the shares when his uncle died in 2003 - the shares had been purchased by the uncle in 1983, and when the uncle died the market value of the shares was $35,000 and their cost base for the uncle was $12,000. (iv) his plane for $18,000 - Dan had paid $65,000 when he bought the plane from his friend two years ago. (v) his principal place of residence for $800,000 - Dan had paid $500,000 5 years ago. Approximately ¼ of the principal place of residence was used as his dental practice. He claimed interest expense as deductible expense for the dental practice portion. (vi) his holiday house for $700,000 - Dan had paid $750,000 2 years ago. The holiday house was occasionally used for AirBnB.
Task
Explain and calculate the CGT consequences for Dan for each event.