Homework answers / question archive / Mike sold the following assets during the current year: Sales Price Cost Painting $2,500 $ 800 Stamp collection 600 1,200 Outboard motor 900 100 Antique desk 1,300 1,950 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? $650

Mike sold the following assets during the current year: Sales Price Cost Painting $2,500 $ 800 Stamp collection 600 1,200 Outboard motor 900 100 Antique desk 1,300 1,950 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? $650

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Mike sold the following assets during the current year:



 



                                                                                   Sales Price                                Cost

Painting                                                                             $2,500                             $  800

Stamp collection                                                                   600                              1,200



Outboard motor                                                                     900                                 100



Antique desk                                                                      1,300                              1,950



 



Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year?



 

		
$650.



		
$625.



		
$750.

		
$325.