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On 1 July 2019 Mary acquired a leather sofa for $21881. 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 $21881. 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 $36720. Required: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year. This is taxtation question ACC708.
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