AAT practice assessment 1.9

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?

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