Question
When she retired, Elizabeth sold the following assets: ITEM PURCHASE PRICE SALE PRICE Shares $900,000 $950,000 Stamp collection $33,000 $23,000 Antique vase $10,000 $15,000 All
When she retired, Elizabeth sold the following assets:
| ITEM | PURCHASE PRICE | SALE PRICE |
| Shares | $900,000 | $950,000 |
| Stamp collection | $33,000 | $23,000 |
| Antique vase | $10,000 | $15,000 |
All assets were purchased on 1 June 2017 and sold last week.
Required:
Calculate the Net Capital Gain, if any, to be included in Elizabeths assessable income. You must refer to law and explain your calculations.
Can you please provide me the answer with in 15 minutes please.
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
