Over the last six months, Rabin acquired the following assets: - an engagement ring that cost $8,000
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Question:
Over the last six months, Rabin acquired the following assets:
- an engagement ring that cost $8,000
- an antique ceramic vase (for $4,000),
- a painting (for $11,000),
- a Television (for $12,000),
- National Bank’s shares (for $5,000).
Last week he sold these assets as follows:
- an engagement ring that cost $9,000
- an antique ceramic vase (for $2,000),
- a painting (for $5,000),
- a Television (for $8,000) and
- Australia Bank’s shares (for $25,000)
Required:
Calculate his net capital gain or net capital loss for the year.
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