$1.$ Mr$.$ Lloyd Nelson owns a house in Calgary, as well as a cabin in Canmore. He purchased the house in $2013$ for $$300,000.$ The cabin was purchased in $2017$ for $$230,000.$ In $2022$ both properties are sold, the house for $$650,000$ and the cabin for $$335,000.$ He has lived in the Calgary house during the year but has spent his summers in the Canmore cabin.

Determine the minimum taxable capital gain that he must report on the $2022$ sale of the two properties.

$2.$ During the current year, Jordan Belfort disposes of several items of his personal property as he is insolvent. Relevant information on these properties is as follows:

Adjusted Proceeds Of

Cost Base Disposition

Coin Collection $ $14,000$ $ $12,500$

$24-$foot Yacht $52,00066,000$

Green Couch $9001,500$

Painting by Picasso $1,130,0001,350,000$

$1965$ Ford Mustang $8,0006,000$

Show the Listed Personal Property $($LPP$)$ and Personal Use Property $($PUP$)$ separately. And the total Taxable Capital Gains added to Net Income

$3.$ Rissa Roo has bought some shares of Chamath Sachs during $2021,$ on several occasions. On July $21,2021$ they sold $2,000$ of them for $$65$ per share.

Calculate their taxable capital gain or loss based on this data:

$($remember weighted average cost$)$

Quantity Price per share

March $20,20211000$ $ $70\mathrm{.}00$

May $10,20213400$ $ $55\mathrm{.}00$

June $20,20211240$ $ $43\mathrm{.}00$

August $2,20211030$ $ $91\mathrm{.}00$

$4.$ Hank Voight sold non$-$depreciable capital property. His original cost was $$30,000,$ and he is POD was $$120,000.$ He sold the property on December $15,2020,$ and he agreed to take payments over the following schedule.

$2020$ $ $27,000$

$2021$ $ $12,000$

$2022$ $ $22,000$

$2023$ $ $40,000$

$2024$ $ $19,000$

$ $120,000$

Calculate the minimum taxable gain Hank has to include in each of the years $2020-2024.$

Answer rating: 100% (QA)

1 Minimum taxable capital gain on the 2022 sale of the two properties To determine the minimum taxable capital gain we need to calculate the capital gain for each property and include only 50 of the g... View the full answer