Question
Mr Kang sold his home in which he has lived for the past 30 years. The original cost of the house was $12,000. The house
Mr Kang sold his home in which he has lived for the past 30 years. The original cost of the house was $12,000. The house was sold under a contract dated 1 May 2009 for $700,000. The sale was finalised on 30 June 2009. Selling costs associated with the sale were $6000. Mr Kang also sold a parcel of 1000 shares in National Bank of Australia. These shares were purchased at a cost of $30 each on 30 November 2008 and sold for $44 each on 26 June 2009. He incurred $800 in stamp duty on the purchase and $300 in stockbrokers fees on the sale. Based on this information, determine Mr Kangs net capital gain or net capital loss for the year ending 30 June 2009.
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