In December 2023, Michael sells a piece of antique furniture for 6,360, paying incidental disposal costs of

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In December 2023, Michael sells a piece of antique furniture for £6,360, paying incidental disposal costs of £320. He had acquired the furniture in January 2016 as a gift from his mother. Compute Michael's chargeable gain if the market value of the furniture in January 2016 was:

(a) £5,500

(b) £4,900

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