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What is the net capital gain for tax year

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Question - When Brian's grandfather died (22 September 1999), he left him a rare first edition book - The Two Towers by J.R.R Tolkien (Volume 2 of The Lord of the Rings) that he had acquired in 1970 for $20. This volume was published in Boston in 1965; its market value at the time of Greg's death was estimated at $120.

After his grandfather's death, Brian found the other two volumes from the same edition at a local bookshop and purchased them for $260 and $320 respectively on 22 January 2016.

Brian then sold the set of three volumes for $1,400 on 29 May 2016

What is the net capital gain for the 2015/2016 tax year?

Reference no: EM132087405

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