Crowdly
Add to Chrome
A property was purchased 7 years ago by an REIT for $2,578,700 and effective sta...
✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.
A property was purchased 7 years ago by an REIT for $2,578,700 and effective stamp duty payable was 5.5% of the purchase price. During the period of ownership, the accumulated depreciation equals 5% of the purchase price. The property was recently sold for $4,374,000 and selling costs were 3% of the selling price. What is the assessable capital gain? (Assume that there is NO capital gain discount.)
0%
0%
0%
0%
0%