Keri sold an investment property located in Sydney on 15 May 2021. The property was leased for the entire time that Keri owned it. The acquisition and the sale of the property are as follows: Purchase on 10 June 2015 Purchase price: $ 650,000 Stamp duty: $ 24,800 Legal costs: $ 2,700 Property Renovation: 86,800 Fines $350 for speeding Legal costs $78,000 to resolve disputes with neighbour regarding the driveway of the properties. Keri was awarded legal cost of $45,000 against her neighbour. Interest payments to Commonwealth Bank $248,000 Sales on 15 June 2021 for $ 2,570,000  Determine the taxable income and the tax payable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Keri sold an investment property located in Sydney on 15 May 2021. The property

was leased for the entire time that Keri owned it. The acquisition and the sale of the property are as follows:

Purchase on 10 June 2015

Purchase price: $ 650,000

Stamp duty: $ 24,800

Legal costs: $ 2,700

Property Renovation: 86,800

Fines $350 for speeding

Legal costs $78,000 to resolve disputes with neighbour regarding the driveway of the properties. Keri was awarded legal cost of $45,000 against her neighbour.

Interest payments to Commonwealth Bank $248,000

Sales on 15 June 2021 for $ 2,570,000 

Determine the taxable income and the tax payable /refundable

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