Question
6.4 You buy an investment apartment, in your own name, on 16 July 2018 for a total cost of $300,000 and sign a contract on
6.4 You buy an investment apartment, in your own name, on 16 July 2018 for a total cost of $300,000 and sign a contract on 26 June 2019 to sell the apartment for $320,000. Settlement takes place in August 2019. Which of the following statements is MOST correct concerning the transaction? A.You should include $10,000 in your assessable income for the year ended 30 June 2020 B. You should include $20,000 in your assessable income for the year ended 30 June 2020 C. You are not required to include any amount in your assessable income for the year ended 30 June 2020 D. You are not required to include any amount in your assessable income for the year ended 30 June 2020, as the property is exempt from capital gains tax.
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