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QUESTION
Con Metropoulis received a promotion and transferred to Sydney. Before moving, Con sold the following assets:
Con Metropoulis received a promotion and transferred to Sydney. Before moving, Con sold the following assets:
ITEM PURCHASE PRICE SALE PRICE
$ $
HOME 95,000 135,000
VACANT LAND 28,000 30,000
CARAVAN 7,000 5,500
OLD ETCHING 500 8,000
ANTIQUE SIDEBOARD 2,000 1,800
All assets were purchased on 29 October 1985 and sold on 30 June in the current income year. What amounts would be included in Con's assessable income for the year of sale? Your answer must be set out in a table.
