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Calculate the net capital gain to be included in mary

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On 1 July 2019 Mary acquired a leather sofa for $28632. Mary borrowed $29,000 of the money from XYZ Bank.  The loan was a fixed interest loan on which Mary paid interest of $5,000. Mary sold it in September 2019 for $38592.

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Problem 1: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year

Reference no: EM132774741

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