Question
On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money from XYZ Bank. The loan was a fixed
On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money from XYZ Bank.
The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $38592.
Required:
Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year.
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Vector Mechanics for Engineers Statics and Dynamics
Authors: Ferdinand Beer, E. Russell Johnston Jr., David Mazurek, Phillip Cornwell, Brian Self
11th edition
73398241, 978-0073398242
