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Linda is an Australian resident. During the income year, she disposes of the following assets: 1. A long-term investment property for $1,000,000, which she acquired
Linda is an Australian resident. During the income year, she disposes of the following assets: 1. A long-term investment property for $1,000,000, which she acquired for $300,000 in December 1986; 2. Her motorcycle for $5,000; and 3. Her home-theatre system, for $6,000, which she originally acquired for $10,100. Linda has no capital losses from previous years. What is Linda's net capital gain for this income tax year? $500,000 $700,000 $490,900 O $350,000
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