An individual sold the following assets this year. Sale price Cost Selling cost Painting . . .
Question:
An individual sold the following assets this year.
Sale price Cost Selling cost
Painting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000 $ 300 $100
Antique clock . . . . . . . . . . . . . . . . . . . . . . . . . . .12,000 250 20
Antique chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 500 15
Gold Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .600 1,000 10
Mr. Individual has an unclaimed capital loss on listed personal property of $500 arising three years ago. All these assets were purchased within the last 10 years.
Required: Calculate the net taxable capital gains for Mr. Individual based on Canadian taxation.
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding