Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2021 an individual sold various personal it

During 2021 an individual sold various personal items as follows: furniture $8,000; jewellery $10,000; automobile...

60.1K

Verified Solution

Question

Accounting

During 2021 an individual sold various personal items as follows: furniture $8,000; jewellery $10,000; automobile $29,000; gold coins $9,000. The cost base of these items is as follows: furniture $11,300; jewellery $12,400; automobile $25,500; gold coins $7,800. 


What is the tax effect of these sales transactions?

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

Mary is analyzing a capital budgeting project with the following data: Cost of packaging machine 5 million Annual...

Finance
Q

Describe the theory of endosymbiosis

Biology
Q

Discuss how 4 individuals seeking to form a business company may address the issue of compensations...

General Management
Q

Which of the following merodiploids would be constitutive for lacZ expression in the absence of...

Biology
Q

Let ? = arctan(-1), thenA) ? = 3?/4 and tan? =-1B) ? = -(?/4)...

Basic Math
Q

Armand Company projects the following sales for the first three months of the...

Accounting
Q

You borrowed $150,000 exactly 3 years ago. The loan is structured as an amortized loan....

Accounting
Q

Assume the company has an increase in its Salaries Expense of 20% and a decrease...

Accounting
Q

Chriss Outdoor Furniture, Inc., has net cash flows from operating activities for the last year...

Accounting
Q

v Assume the following information: The unit sales to break-even is:...

Accounting
Q

Applebee sold an issue of 30-year, $1,000 par value bonds to the public. The coupon...

Finance
Q

Mary Jane (unmarried, 32) lived with her son, Billy (5), and her sister, Sarah (30),...

Accounting