On 1 November 1992 Mary had a nice home in Sydney and also acquired a second-hand...
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On 1 November 1992 Mary had a nice home in Sydney and also acquired a second-hand yacht for $88337. Mary borrowed $82,000 of the money from XYZ Bank to buy the yacht.. The loan was a fixed interest loan on which Mary paid interest of $45,000. Mary sold the yacht in September 2020 for $161,000. Required: Calculate the indexed cost base for Capital Gains Tax purposes On 1 November 1992 Mary had a nice home in Sydney and also acquired a second-hand yacht for $88337. Mary borrowed $82,000 of the money from XYZ Bank to buy the yacht.. The loan was a fixed interest loan on which Mary paid interest of $45,000. Mary sold the yacht in September 2020 for $161,000. Required: Calculate the indexed cost base for Capital Gains Tax purposes
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Answer rating: 100% (QA)
Purchase price of the yacht 88337 Loan amount from XYZ Bank 82000 Interest paid on the loan 45000 Se... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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