%24 > > > > Service revenue 0000 Income from operatlons 0000. NetIncome: Crane's balancesheet contalned the following comparatlvedata as December 31: Accounts recelvable 596,000 00000, Accounts payable 00000 Incometaxes pavable 0000 Crane has no depreclable 2ssets. Accounts payable pertalns to operating expenses. Prepare the operating actlvitles sectlon off the statement of cash flowsusing the direct method. CRANE INC Statement of Cash Flows eTextbook and Media Savs for Latar Attempts: 0 of 3 used Submit Anzvwor

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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.