On 31 March 1981, Estelle acquired a patent with a 45-year life at a cost of 21,000.
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On 31 March 1981, Estelle acquired a patent with a 45-year life at a cost of £21,000. The patent was valued at £22,000 on 31 March 1982 and Estelle sold the patent on 31 March 2022 for £13,000. Compute the chargeable gain.
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The chargeable gain is the difference between the selling price of an asset and its original cost or ...View the full answer
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