20 3 On January of the current income year a resident individual sold the following assets...

  

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20 3 On January of the current income year a resident individual sold the following assets which were purchased on 31 July 1989. Purchase Sale price Asset price $ $ Jewellery 550 4,950 Car 20,000 22,000 Vacant Land A 70,000 40,000* Vacant Land B 40,000 70,000 Stereo 3,000 8,000 Television 1,000 750 Sold to the taxpayer's spouse. Market value of the land at that time was $55,000. Calculate the net capital gain. Show all calculations. 20 3 On January of the current income year a resident individual sold the following assets which were purchased on 31 July 1989. Purchase Sale price Asset price $ $ Jewellery 550 4,950 Car 20,000 22,000 Vacant Land A 70,000 40,000* Vacant Land B 40,000 70,000 Stereo 3,000 8,000 Television 1,000 750 Sold to the taxpayer's spouse. Market value of the land at that time was $55,000. Calculate the net capital gain. Show all calculations.

Answer rating: 100% (QA)

Solution Calculation of net Capital gain in capital gain Ass... View the full answer