Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She brought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was: $65,000 $25,000 $53,000 $13,000
Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She brought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was: $65,000 $25,000 $53,000 $13,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 86P
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- Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She brought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her
Capital gains for 2022 was:
- $65,000
- $25,000
- $53,000
- $13,000
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