Tina bought a boat for $20,0007 months ago to sail with her friend on the...
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Tina bought a boat for $ months ago to sail with her friend on the weekend, however she was offered $ for the yacht by a wealthy collector last week and she decided to sell it What are the capital gains implications if any on the sale of the yacht? Select one: a Tina does not have to pay capital gains tax because boats like cars are an exempt asset for capital gains. b Tina's boat was purchased for hobby purposes and therefore is not subject to capital gains. c Tina will need to pay capital gains tax and she can use the discount or indexation method to reduce the gain. d Tina will have to pay capital gains but can claim the discount on the gain made. e None of the above. f Depending on her situation of the above.
Tina bought a boat for $ months ago to sail with her friend on the weekend, however she was offered $ for the yacht by a wealthy collector last week and she decided to sell it What are the capital gains implications if any on the sale of the yacht?
Select one:
a Tina does not have to pay capital gains tax because boats like cars are an exempt asset for capital gains.
b Tina's boat was purchased for hobby purposes and therefore is not subject to capital gains.
c Tina will need to pay capital gains tax and she can use the discount or indexation method to reduce the gain.
d Tina will have to pay capital gains but can claim the discount on the gain made.
e None of the above.
f Depending on her situation of the above.
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