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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.
Required:
Problem 1: Calculate the Net Capital Gain, if any, to be included in Mary's assessable income for that income year
The terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net..
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