Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property
Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 43P
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- Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her
Capital gains for 2022 was:
a.
$53,000
b.
$13,000
c.
$65,000
d.
$25,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT