Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Mike sold the following personal use property during the current year:
Painting
Stamp collection
Outboard motor
Antique desk
Sales Price
Cost
$2,500
$ 800
600
1,200
900
100
1,300
1,950
What is his taxable capital gain, net of allowable capital losses, for the current year?
$625.
$650.
$325.
$750.
13
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Transcribed Image Text:Mike sold the following personal use property during the current year: Painting Stamp collection Outboard motor Antique desk Sales Price Cost $2,500 $ 800 600 1,200 900 100 1,300 1,950 What is his taxable capital gain, net of allowable capital losses, for the current year? $625. $650. $325. $750. 13
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