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Bryan bought a painting for £20,000 in June 2004. It was destroyed in a fire at his home in January 2012 and Bryan received £45,000 from the insurance company in July 2012. In August 2012, Bryan bought another painting for £55,000. Calculate the gain arising assuming all appropriate claims are made and state the base cost of the new painting. A. Gain: £20,000; Base cost: £30,000 B. Gain: £20,000; Base cost: £55,000 C. Gain: £Nil; Base cost: £30,000 D. Gain: £Nil; Base cost: £55,000 |