Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please solve all parts ..aply Australian law 4.On 9 August 2019, Alfonso Garcia sold the premises from which he had conducted his sand and gravel
Please solve all parts ..aply Australian law
4.On 9 August 2019, Alfonso Garcia sold the premises from which he had conducted his sand and gravel wholesale business for $790000. The cost base of the premises was $520000 when purchased in 2011. Alfonso moved into rented premises and spent $35000 on fittings and leasehold improvements on 19 August 2019. Alfonso's business satisfies all of the criteria in Subdivision 152-A and he did not expect to acquire any further business assets in the next 2 years. Calculate Alfonso's net capital gain for the 2019/20 year. $ $ Gain on sale of premises -Discount - Small business active asset reduction - Small business rollover = Net capital gainStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started