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Mike sold the following assets during the current year: Painting Sales Price Cost $2,500 $ 800 Stamp collection Car 600 1.200 Antique desk 900 100
Mike sold the following assets during the current year: Painting Sales Price Cost $2,500 $ 800 Stamp collection Car 600 1.200 Antique desk 900 100 W 1,300 1,950 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses for tax purposes during the current year? Select one: a $625 b. $650 C. $675 d. S325
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