Posted by: Pdfprep
Post Date: May 3, 2021
CORRECT TEXT
An entity purchased an asset on 1 April 20X4 for $320,000, exclusive of import duties of $32,000.
The entity sold the asset on 31 March 20X9 for $480,000 incurring legal fees of $12,000.
The entity is resident in Country Y where chargeable capital gains are taxed at 20% and no indexation is allowed.
Calculate the amount of capital tax that the entity is due to pay.
Give your answer to the nearest whole $.
Answer: $23200
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