On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required:
On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required:
Chapter3: Income Sources
Section: Chapter Questions
Problem 85P
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Question
A3
Transcribed Image Text:On 1 July 2019 Mary acquired a rare coin for
$59440. Mary borrowed $30,000 of the money from
the XYZ Bank.
The loan was a fixed interest loan on which she paid
interest of $21,000. Mary sold it in September 2020
for $76515
Required:
Calculate the Net Capital Gain, if any, to be included
as Mary's assessable income for the year ending 30
June 2021
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