A taxpayer sold the following items in the current year: A block of land on 5 July
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Question:
A taxpayer sold the following items in the current year:
A block of land on 5 July for $218,000. He had purchased it for 115,000 on 9 January 2000.
Shares in ABC Pty Ltd on 1 August for $4,000. The shares had been purchased on 1 August 1998 for $5,000.
House used as his residence on 1 June 1999 for $600,000. He had bought the house on 1 June 1999 for $48,000.
State the CORRECT answer for the amount that the taxpayer must include in his assessable income:
Group of answer choices
$327,000
$50,500
$51,000
$51,500
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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