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Calculate the capital gain or loss

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Question - 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.

Reference no: EM133111809

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