In December 2020, Michael sells a piece of antique furniture for 6,360, paying incidental disposal costs of
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In December 2020, Michael sells a piece of antique furniture for £6,360, paying incidental disposal costs of £320. He had acquired the furniture in January 2013 as a gift from his mother. Compute Michael's chargeable gain if the market value of the furniture in January 2013 was:
(a) £5,500
(b) £4,900
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For both parts a and b Sale proceeds Less Incidental costs of disposal L...View the full answer
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