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Elizabeth owns and operates a furniture store where she buys new and used furniture to on-sell to the public. On 1August 2012 she purchased an ornate display cabinet for $10000 as an item of trading stock. She put the cabinet in her showroom and it had a sale price of $14900. However she liked the item so much that she decided to use it for personal purposes from 1 October 2012 when the replacement price was $12600. What are the tax consequences of using the item for personal use?
Elizabeth will include $10000 in her assessable income.
Elizabeth will include $4900 in her assessable income.
Elizabeth will include $2600 in her assessable income.
Elizabeth will include $14900 in her assessable income.
Elizabeth will include $12600 in her assessable income.
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∙ 11y ago
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