On july 1 2019 melissa acquired an antique camel statue for $300 which she kept in the hallway of her house . on 1 december 2020 she sold it for $4300 required calculate the net capital gain if any to be included as nelissa assessable income for the year ending 30 june 2021

On july 1 2019 melissa acquired an antique camel statue for $300 which she kept in the hallway of her house . on 1 december 2020 she sold it for $4300 required calculate the net capital gain if any to be included as nelissa assessable income for the year ending 30 june 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On july 1 2019 melissa acquired an antique camel statue for $300 which she kept in the hallway of her house .

on 1 december 2020 she sold it for $4300 required calculate the net capital gain if any to be included as nelissa assessable income for the year ending 30 june 2021

Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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