The capital gain on the sale, ignoring commissions is $220.
A capital gain can be defined as the increase in a capital asset's value and is realized when the asset is sold. Capital gains apply to any type of asset, such as investments and those purchased for personal use. The gain may be long-term (more than one year) or short-term (one year or less) and must be claimed on income taxes. The formula of capital gain, is:
Capital gain = final sale price - (transfer cost + indexed acquisition cost + indexed house improvement cost).
Capital gain = $252 - $32 = $220
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