Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. catherine, had income from employment of 27,000 fo

Catherine, had income from employment of 27,000 for the tax year 2022/23. On 31 May...

70.2K

Verified Solution

Question

Accounting

Catherine, had income from employment of 27,000 for the tax year 2022/23. On 31 May 2022 Catherine sold a weekend cottage for a price of 350,000 incurring selling costs of 3,500. The cottage had been bought on 06 January 2019 for a price of 140,000. Catherine incurred professional fees of 900 to buy the cottage. The cottage had not been used as Catherine's principal private residence or rented out. Required: Calculate Catherine's capital gain and capital gains tax liability for the tax year 2022/23.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Which organism is easier to grow in the laboratory, E. coli, or Neisseriae gonorrhea? 2. Describe...

Biology
Q

1)Hyper-Personal effect is good in social media? why? 2)Hyper-Personal effect is bad in social media? why?

Psychology
Q

A 0.00618-kg bullet is fired straight up at a falling wooden block that has a mass...

Physics
Q

Bovine Spongiform Encephalopathy Creutzfeldt Jakob Disease Kuru Gerstmann Straussler Scheinker Disease Scrapie Chronic Wasting Disease...

Biology
Q

a X Jn Jn n n There are two long co axial solenoids of same...

Physics
Q

The dog has a litter of eight puppies. Your dad wants to sell three of...

Basic Math
Q

post comments and explain with examples how decisionmaking and analysis with the tools from your...

Accounting
Q

7. Discuss five major contributions of SAP to our understanding of business strategy

Accounting
Q

AAA Co. just issued 30-year bonds. These bonds have a par value of $1000 and...

Accounting
Q

At the beginning of the year, a company estimates total overhead costs of $1,258,320. The...

Accounting
Q

Investor Currency (Centralized) and Foreign Currency (Decentralized) DCF ApproachesU.K./ France: A company in the U.K....

Finance
Q

Sam deposits 1600 every year on his birthday into a retirement fund earning an annual...

Finance