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| Frank bought an investment property for £100,000 in May 2012. It was damaged two and a half months later. Insurance proceeds of £20,000 were received in November 2012, and Frank spent a total of £25,000 on restoring the property. Prior to restoration the property was worth £120,000. Compute the chargeable gain immediately chargeable, if any, and the base cost of the restored property assuming Frank elects for there to be no part disposal. Required: How would your answer differ if no election were made? |