On 1 January 2022, Belize Social Security Board (SSB) issued 10% bonds with a face value of $6,000,000. These bonds mature in 5 years, and the interest is paid semi-annually on June 30 and December 31. The bonds were sold for $5,558,400 to yield 12%. Using the effective-interest rate method of amortization, what would the interest expense reported for 31 December 2022? (Round your answer to the nearest dollar). Question 50 Answer a. $665,000 b. $688,320 c. $669,018 d. $667,000

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.