Ryan and Richard ran a business selling furniture in partnership for 10 years. They now have sold their business for $1,200,000. This figure includes $400,000 in trading stock and $200,000 in plant and equipment. The business had a turnover of $300,000 per year. The business was purchased in 2010 for $200,000. Ryan and Richard are both 50 years of age. Calculate the net capital gain for both Ryan and Richard?

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The Answer of Ryan and Richard ran a business selling furniture in partnership for 10 years. They now have sold their business for $1,200,000. This figure includes $400,000 in trading stock and $200,000 in plant and equipment. The business had a turnover of $300,000 per year. The business was purchased in 2010 for $200,000. Ryan and Richard are both 50 years of age. Calculate the net capital gain for both Ryan and Richard?

Ryan and Richard Ran a Business Selling Furniture in Partnership