In October 2020, Old MacDonald sold some farm cottages for $90,000 and incurred legal fees...
70.2K
Verified Solution
Link Copied!
Question
Accounting
In October 2020, Old MacDonald sold some farm cottages for $90,000 and incurred legal fees of $1,200. The cottages were originally acquired in October 1999 for $40,500. Calculate the capital gain or loss that Old MacDonald must include in his income tax return for the year ended 30 June 2021 assuming he has no other capital gains for the year and no carried forward losses.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.