Mike purchased an antique table for £7,200 in February 1999.
In September 2012 he sold the table for £5,800 at an auction and incurred selling costs of £150.
What is Mike's allowable loss?
The correct answer is: £1,350.
Gross proceeds are deemed to be £6,000 but selling costs can still be deducted.
Proceeds
Less: selling costs
Less: cost
Allowable loss
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