On January 1, 2016, Morley Electronics issued bands with a par value of $1,350,000 at 95, due in 10 years. Bond issue costs were $22,000. Bond issue costs and the bond discount were amortized using straight-line methods. On January 1, 2021, Morley called the entire issue at 102. Calculate Morley's loss or gain on redemption. O $67,500 loss $89,500 gain Q$71.750 loss $44.750 gain D

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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.