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Calculate the net capital gain

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Reference no: EM133449127

Question: On 1 July 2019 Mary acquired a rare coin for $56904. Mary borrowed $30,000 of the money from the XYZ Bank.  The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $87591

Required:

Calculate the Net Capital Gain, if any, to be included as Mary's assessable income for the year ending 30 June 2021

 

Reference no: EM133449127

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