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Jared bought a gold ring Necklace for $600 -1 year ago, and sell it today for $1,700. How much Net Capital Gain will be included in Jared's Assessable Income? Please provide short explanation

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 4BCRQ

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Question

Jared bought a gold ring Necklace for $600 -1 year ago, and sell it today for $1,700. How much Net Capital Gain will be included in Jared's Assessable Income? Please provide short explanation

Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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