Mr. Market traded in shares of Blue Inc. during the current year. His transactions were as follows:
Question:
Determine the ACB of the shares sold. Mr. Market did not own any shares of Blue Inc. before January 15. Income tax reference: ITA 47(1).
Transcribed Image Text:
January 15 Purchased March 7 Purchased November 21 Sold No. of shares 200 300 (100) Cost per share $45 $22 $45 Total $9,000 $6,600 $4,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
ITA 471 Identical properties Blue Inc shares Proceeds 4500 ACB 3120 Capital gain 1380 Ta...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Question Posted:
Students also viewed these Business Law questions
-
The Ray Holt Corporation has retained you as a consultant on accounting policies and procedures. During 2007 the company engaged in a number of treasury stock transactions, having foreseen an...
-
Determine the amount realized in each of the following property dispositions: a. Umberto wants to buy Kevin's truck. Because Umberto has no cash and cannot obtain a loan to finance the purchase,...
-
Carleton Builders Ltd. recorded the following summarized transactions during the current year: a. The company originally sold and issued 100,000 common shares. During the current year, 94,000 of...
-
What kinds of functions of local government are usually protected by immunity?
-
In the month preceding the creation of this exercise, the author made 18 phone calls in 30 days. No calls were made on 19 days, 1 call was made on 8 days, and 2 calls were made on 5 days. a. Find the...
-
Is the substituted basis of the qualifying property received in a nontaxable exchange more or less than the cost of that property?
-
Water flows steadily through the horizontal piping system shown in Fig. P5.3. The velocity is uniform at section (1), the mass flowrate is 10 slugs/s at section (2), and the velocity is nonuniform at...
-
Draw an E-R diagram for the ordering system in Figure ORDER ORDER | ORDER | CUSTOMER NUMBER | DATE | NUMBER The ORDER-ITEM ORDER-ITEM ORDER | ITEM I QUANTITY NUMBER |NUMBER ORDERED TEM MASTER ITEM 1...
-
A program has created an Object called "friend." This object includes the following fields: firstName, bDay, favColour and phoneNumber. An ArrayList of the object friend is declared with the...
-
Kravitz and Rowe are partners in an excavating business known as K & R Excavating. The partners are considering a number of options regarding the partnership, including the admission of a new partner...
-
In the current year, Valerie disposed of the following personal items: Valerie has an unclaimed capital loss on listed personal property of $3,000 that was incurred five years ago. Determine Valeries...
-
Early last year, Hazel purchased 100 units of Sky mutual fund for $12 per unit. She received a T3 from the fund for last year showing the following distributions from the fund, all of which were...
-
The following events apply to Milligan Manufacturing Company. Assume that all transactions are cash transactions unless otherwise indicated. Transactions for the 2017 Accounting Period 1. The company...
-
According to the text, which method of asset valuation generally excludes intangible assets?
-
A two year bond that yields 10% has a coupon rate of 10%. What is the price this bond will sell for? (Hint you do not need to do any math here) What is the dollar value of the coupon that is paid?...
-
55 During a system boot cycle, what program is executed after the BIOS completes (1) * ?its tasks The bootloader The inetd program O The init program O The kernel
-
The company accrues interest expenses at the end of an accounting period. This is an application of the?
-
You are required to provide a written report with evidence attached that proves you have identified and evaluated the food preferences of customer groups with differing characteristics so you can use...
-
The iterated integral for evaluating D (r, , z) d r dr du over the given region D. D is the prism whose base is the triangle in the xy-plane bounded by the x-axis and the lines y = x and x = 1 and...
-
Show that gj concave AHUCQ Abadie For nonnegative variables, we have the following corollary.
-
Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold the stock for $15,700 after he had owned it for six years. Samuel had paid $141,250 for the stock, which was...
-
Samuel Reese sold 1,000 shares of his stock in Maroon, Inc., an S corporation. He sold the stock for $15,700 after he had owned it for six years. Samuel had paid $141,250 for the stock, which was...
-
One of your clients, Texas, Inc., is considering electing S status. Both of Texas's equal shareholders paid $30,000 for their stock. As of the beginning of 2013, Texas's Subchapter C NOL carryforward...
-
You are working in a clinic and have just roomed a patient. When you come out of the room, you overhear me complaining to two co-workers about you and how slow you are. [Take the role of the other...
-
What are the advantages and pitfalls of the media's appetite for telling and selling stories? As we reach the point where almost all media exist on the Internet in some form, how have our culture and...
-
When looking at a project to convert data into information, data analysis is the methodology thatshould be used to accomplish the output. When reviewing the tools used in the course and the data that...
Study smarter with the SolutionInn App