AAT practice assessment 1.9
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SomethingImaginative
Registered Posts: 2
in Personal Tax
Show whether the selling of each asset below will result in a taxable gain or an allowable loss, or be exempt from capital gains tax, and then indicate the amount of gain/loss in the final column.
Chair:
Proceeds: £6,240
Cost: £5,600
Answer:
Allowable gain
Amount of gain: £400
How do you get to the answer that the gain is 400?
Chair:
Proceeds: £6,240
Cost: £5,600
Answer:
Allowable gain
Amount of gain: £400
How do you get to the answer that the gain is 400?
0
Comments
-
Don't worry I've worked it out...
6,240-6,000 = 240
(240 x 5) ÷ 3 = 400
For the 5/3 (Proceeds - 6,000) rule1
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