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Question 1 (14 marks) As a resident, Zayn Papas signed a contract to sell his investment property in the Perry Beach in September 2020. On

Question 1 (14 marks) As a resident, Zayn Papas signed a contract to sell his investment property in the Perry Beach in September 2020. On March 2021, Zayn received $855,000 from the buyer when the sale was settled, also he acquired legal fees of $3,500 (inclusive of GST) and a real estate agents commission of $7,500 (inclusive of GST) in relation to the sale. Zayn bought the holiday home in April 1997 for $95,900 and paid $1,800 in stamp duty on the transfer and $1,200 in legal fees. In 2006, Zayn hired a builder to build a garage on the property for $19,000. Calculate Zayns net capital gain for the current year. Assume he also has a net capital loss from 2019 of $15,000 arising from the sale of shares. Required: Would your answer be different if the loss arose from the sale of an antique container?

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