In 2019/20, a taxpayer sold a parcel of shares for $127,000 which she acquired in November 1999 as a long term investment for $110,000. She was delighted to profit on the sale of her jetski for $15,000 which she had purchased for $9,000 in June 2017.. She sold her car for $20,000 that she had purchase for $30,000 in July 2016. She has an unapplied prior year capital losses of $7,000 that was made on a sale of collectables and $10,000 of unapplied net prior year capital losses on the sale of land. What is the taxpayer's net capital gain or loss for the income year?
In 2019/20, a taxpayer sold a parcel of shares for $127,000 which she acquired in November 1999 as a long term investment for $110,000. She was delighted to profit on the sale of her jetski for $15,000 which she had purchased for $9,000 in June 2017.. She sold her car for $20,000 that she had purchase for $30,000 in July 2016. She has an unapplied prior year capital losses of $7,000 that was made on a sale of collectables and $10,000 of unapplied net prior year capital losses on the sale of land. What is the taxpayer's net capital gain or loss for the income year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2019/20, a taxpayer sold a parcel of shares for $127,000 which she acquired in November 1999 as a long term investment for $110,000. She was delighted to profit on the sale of her jetski for $15,000 which she had purchased for $9,000 in June 2017.. She sold her car for $20,000 that she had purchase for $30,000 in July 2016.
She has an unapplied prior year capital losses of $7,000 that was made on a sale of collectables and $10,000 of unapplied net prior year capital losses on the sale of land.
What is the taxpayer's net
Select one:
a. Capital Gain $17,000
b. Capital gain $3,500
c. Capital gain, $11,500
d. Capital Gain $7,000
e. Capital gain $1,500
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