On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money

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On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money from XYZ Bank.

The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $38592.

Required:

Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year.

Related Book For answer-question

Vector Mechanics for Engineers Statics and Dynamics

ISBN: 978-0073398242

11th edition

Authors: Ferdinand Beer, E. Russell Johnston Jr., David Mazurek, Phillip Cornwell, Brian Self

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Posted Date: Mar 28, 2023 01:34 AM

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On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money

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To calculate the net capital gain or loss we need to determine Mar... View the full answer

Vector Mechanics for Engineers Statics and Dynamics

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