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Calculate the net capital gain

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Reference no: EM132858882

Question - On 26 August 1985, Mary purchased a property as her home for $35,000. One year later, 26 August 1986, she purchased another property on the same street as a rental property for $46606.

Mary sold both properties to a property developer on 31 December 2019 for $1,200,000 each.

Required - Calculate the Net Capital Gain, if any, to be included in Mary's 2020 assessable income.

Reference no: EM132858882

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