He used the boat until 20 january of the current income


Question - Jerry purchased a boat on 4 June 1986 for $9,500 that he used on holidays and at weekends to do some fishing. The fish caught were eaten by Jerry and his family. He used the boat until 20 January of the current income year when he sold it for $18,000. What is Jerry's capital gain/(loss) on the disposal of the boat?

Disregard indexation in your answer

Nil

$10,000 loss

$4,250 gain

$2,496 gain

$8,500 gain

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Accounting Basics: He used the boat until 20 january of the current income
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