Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was: а.$53,000 b.$25,000 с. $13,000 d.$65,000
Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was: а.$53,000 b.$25,000 с. $13,000 d.$65,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 86P
Related questions
Question
Please Answer this ASAP
15. Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for $350,000. She also sold an investment property for $310,000 in December 2022 and incurred agency fees of $75,000 on the disposal. The annual maintenance for the property is $40,000. She bought the property in August 2019 for $200,000. Tina had capital losses brought forward of $12,000. Her Capital gains for 2022 was:
а.$53,000
b.$25,000
с. $13,000
d.$65,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you