Question
MarniTownes, aresident taxpayersoldaninvestment propertylocated inAdelaideon7October 2O21.Detailsrelatingtotheacquisition andthesale areasfollows: Purchase-10April2011 Purchaseprice StampDutyandLegalCosts $295,OOO 18,310 Repairs3OApril2O11(notclaimedasadeduction) 5,940 Repairs17I1ay2O17(claimedasarentaldeduction) 8,400 Sale 7October2021 SalePrice 512,000 Agent'sCommissionandLegalCosts 23,560 Marnididnothaveanyothertransactionssubjecttothecapitalgainsprovisions duringthe2O21/22
MarniTownes, aresident taxpayersoldaninvestment propertylocated inAdelaideon7October 2O21.Detailsrelatingtotheacquisition andthesale areasfollows:
Purchase-10April2011
| Purchaseprice StampDutyandLegalCosts | $295,OOO 18,310 |
Repairs3OApril2O11(notclaimedasadeduction) | 5,940 |
Repairs17I1ay2O17(claimedasarentaldeduction) | 8,400 |
Sale 7October2021 SalePrice | 512,000 |
Agent'sCommissionandLegalCosts | 23,560 |
Marnididnothaveanyothertransactionssubjecttothecapitalgainsprovisions duringthe2O21/22 tax year.
Calculatethecostbaseofthepropertyforcapitalgainspurposes.
Calculatethe minimumnetcapitalgainthatMarniisabletoincludeas assessableincome for the2O21/22 tax year.
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
