Belicek made a number of disposals during the tax year2016/17. Which one of the following disposals would bea chargeable disposal for capital gains tax purposes?A. Sale of a racehorse. The market value of theracehorse was 25,000 pounds, but Belicek agreed to aselling price of 24,000 pounds. The racehorse wasacquired by Belicek at a cost of 11,000 pounds.B. Gift to a friend of an antique vase worth 1,000,000pounds. The vase was acquired by Belicek at a cost of700,000 pounds.C. Gift to a charity of 32,000 pounds in National SavingsCertificates.D. Sale of Belicek's principal private residence.

In the UK, a disposal is deemed chargeable for capital gains tax purposes if it generates a gain.…

Answered: Belicek made a number of disposals…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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