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

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter3: Income Sources
Section: Chapter Questions
Problem 80P
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Question
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On 1 July 2019 Mary acquired a leather sofa for $21816. Mary borrowed $29,000 of the
money from XYZ Bank.
Answer:
598
The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in
September 2019 for $35403.
Required:
Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that
FANG SE
AN
income year
IN
LA
700
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7
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MASONS,
IPOLITA
BOTTELS
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P
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L
Transcribed Image Text:■ | ■ ■ - On 1 July 2019 Mary acquired a leather sofa for $21816. Mary borrowed $29,000 of the money from XYZ Bank. Answer: 598 The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $35403. Required: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that FANG SE AN income year IN LA 700 ■ 7 W ■ ■ ■ ■ - ■ MASONS, IPOLITA BOTTELS ■ P ■ … ■ ■ " ■ ■ ■ ■ P ☐ ■ ■ ■ L
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