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|Jeremy is 51 and had a successful sole trader business for 11 years producing music videos and DVDs. He started the business himself in 2008. With rapid changes in technology and the move to digital streaming, he decided to get out of the business and look around for another small business to buy in the next year or two to tide him through to retirement age.
Unfortunately, Jeremy’s mum is very ill so he needs to spend more time with her. He is likely to inherit a substantial cash amount when she dies.
In July 2019, he sold the whole business to Mike for $4m, comprising a music and film studio-building, some tangible depreciating assets, and a large stock of DVDs and master tapes. The land and building were bought in 2012 for $900,000. The values of the individual assets were as follows:
At the time of sale, Jeremy owned a number of other assets with market values as follows:
Jeremy’s initial investments in the stock market some years ago weren’t very successful so he has unutilised net capital losses of $100,000 carried forward.
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