Harvey acquired shares in Macquarie Bank in December 2019 for $90,000. He needed cash quickly and so sold the shares in March 2020 for $120,000. What amount must Harvey include in his assessable income for the year ended 30 June 2020? a. $100,000 b. $35,000 c. $50,000 d. $30,000
Harvey acquired shares in Macquarie Bank in December 2019 for $90,000. He needed cash quickly and so sold the shares in March 2020 for $120,000. What amount must Harvey include in his assessable income for the year ended 30 June 2020? a. $100,000 b. $35,000 c. $50,000 d. $30,000
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 69P
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Question
- Harvey acquired shares in Macquarie Bank in December 2019 for $90,000. He needed cash quickly and so sold the shares in March 2020 for $120,000. What amount must Harvey include in his assessable income for the year ended 30 June 2020?
|
a. |
$100,000 |
|
|
b. |
$35,000 |
|
|
c. |
$50,000 |
|
|
d. |
$30,000 |
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