Question
On 1 July 2016 Keith acquired a Rolex watch for $42,000.Keith borrowed $40,000 of the money from Nasty Bank.The loan was a fixed interest loan
On 1 July 2016 Keith acquired a Rolex watch for $42,000.Keith borrowed $40,000 of the money from Nasty Bank.The loan was a fixed interest loan on which Keith paid interest of $25,000.Keith sold it in September 2018 for $75,000.
Required: Calculate the Net Capital Gain, if any, to be include in Keith's assessable income.
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Financial Accounting
Authors: Robert Libby, Patricia A Libby
7th Edition
0078111021, 9780078111020
